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%.