SOLUTION: Mr. Parker invested a part of $54,000 at nine and one-half percent and the rest is at 12%. His annual income from the 12% investment is three times as large as that from the nine a
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Question 993861: Mr. Parker invested a part of $54,000 at nine and one-half percent and the rest is at 12%. His annual income from the 12% investment is three times as large as that from the nine and one-half percent investment. How much does he invest at each rate? Answer by lwsshak3(11628) (Show Source):
You can put this solution on YOUR website! Mr. Parker invested a part of $54,000 at nine and one-half percent and the rest is at 12%. His annual income from the 12% investment is three times as large as that from the nine and one-half percent investment. How much does he invest at each rate?
let x=amt invested at 9.5 % rate
54000-x=amt invested at 12 % rate
12%*(54000-x)=3*9.5%x
6480-.12x=.285x.
.405x=6480
x=$16000
54000-x=$38000
amt invested at 9.5 % rate=$16000
amt invested at 12 % rate=$38000
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