Problema Solution

An executive invests $24,000, some at 7% and the rest at 6% annual interest. If he receives an annual return of $1,580, how much is invested at each rate?

Answer provided by our tutors

Let

x = the amount invested at 7%

y = the amount invested at 6%

x + y = 24000

0.07x + 0.06y = 1580

........

click here to see the system of equations solved for x and y

........

x = $14,000

y = $10,000

$14,000 were invested at 7%.

$10,000 were invested at 6%.