Question 1192991
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A setup for solving using formal algebra....<br>
10% of some amount x, plus 8.5% of the amount (300,000-x), equals 28,500:<br>
{{{.10(x)+.085(300000-x)=28500}}}<br>
Solve using basic algebra... I leave that to you.<br>
A quick and easy informal solution, if your mental math is good....<br>
(1) $28,500 return on an investment of $300,000 is a percentage return of 9.5%.
(2) 9.5% is 2/3 of the way from 8.5% to 10% (picture those percentages on a number line, if it helps)
(3) That means 2/3 of the total was invested at the higher rate.<br>
ANSWER: 2/3 of $300,000, or $200,000, was invested at 10%; the other $100,000 at 8.5%.<br>
CHECK: .10(200,000) + .085(100,000) = 20,000 + 8500 = 28,500<br>