Problema Solution
$5900 invested at 11% and at 9%. total yield was $593. how much was invested at each rate?
Answer provided by our tutors
Let us say X amount invested at 11%. So (5900-X) will be invested at 9%.
So we can say;
X*11/100+(5900-X)*9/100 = 593
11X-9X = 59300-5900*9
2X = 6200
X = 3100
So the $3100 invested at 11% and $2800 invested at 9%.