Problema Solution
John Walker made and extra $8000 last year by selling toys he hand made, He invested part of the money at 14% and the rest at 12%. His total annual income from interest was $1060. How much was invested at each rate?
Answer provided by our tutors
let
x = the money invested at 14%
y = the money invested at 12%
x + y = 8000
0.14x + 0.12y = 1060
by solving the system of equations we find
x = $5,000
y = $3,000
click here to see the step by step solution of the system of equations
John Walker invested $5,000 at 14% and $3,000 at 12%.