Question 70101
Bob invested $20,000, part at 14% and part at 13%. If the total interest at the end of the year is $2,720, how much did he invest at 14%?
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Let amt. invested at 14% be "x"; interest on this is 0.14x
Amt. invested at 13% is "20,000-x"; interest on this is 0.13(20000-x)
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EQUATION:
interest + interest = 2720 dollars
0.14x + 0.13(20000-x)=2720
14x 13(20000-x) = 272000
14x+260000-13x = 272000
x=12000 dollars (this is the amt. invested at 14%)
Cheers,
Stan H.