Question 1163731

An executive invests $21,000, some at 8% and the rest at 6% Annual interest. if he receive an annual return of &1,620, how much is invested at each rate 
At 8% interest =
At 6% interest =
<pre>Let amount invested at 8% be E
Then amount invested at 6% = 21,000 - E
We then get: .08E + .06(21,000 - E) = 1,620
.08E + 1,260 - .06E = 1,620
.08E - .06E = 1,620 - 1,260
.02E = 360
Amount invested in the 8%-fund, or {{{highlight_green(matrix(1,5, E, "=", 360/.02, "=", "$18,000"))}}}
You should now be able to find the amount invested in the 6% fund.