Question 236329
18000 was invested.
interest earned was 2320


x = amount invested at 24%
y = amount invested at 5%


two equations you have to work with are:


x+y = 18000
.24x + .05y = 2320


solve for y in the first equation to get:


y = 18000 - x


replace y with 18000 - x in the second equation to get:


.24*x + .05*(18000-x) = 2320


remove parentheses to get:


.24*x + .05*18000 - .05*x = 2320


simplify and combine like terms to get


.19*x + 900 = 2320


subtract 900 from both sides to get:


.19*x = 2320 - 900 = 1420


divide both sides by .19 to get:


x = 7473.684211


replace x with 7473.684211 in x + y = 18000 to get:


7473.684211 + y = 18000


subtract 7473.684211 from both sides to get:


y = 18000 - 7473.684211 = 10526.31579


you have


x = 7473.684211
y = 10526.31579


x + y = 7473.684211 + 10526.31579 = 18000


.24x + .05y = .24*7473.684211 + .05*10526.31579 = 2320


Answer is confirmed.


Answer is:


You invest $7473.68 at 24% interest and you invest $10526.32 at 5% interest for one year to get $2320 interest by the end of the year.