Problema Solution
Lisa Chen invested $24000, part at 8% and the rest at 7.2%. How much did she invest at each rate if her income from the 8% investment is two thirds that of the 7.2%
Answer provided by our tutors
let
x = the money invested at 8%
y = the money invested at 7.2%
Lisa Chen invested $24000, part at 8% and the rest at 7.2%:
x + y = 24000
the income from the 8% investment is two thirds that of the 7.2%
0.08x = (2/3)(0.072y)
by solving the system of equations
x + y = 24000
0.08x = (2/3)(0.072y)
we find
x = $9,000
y = $15,000
click here to see the step by step solution of the system of equations
Lisa Chen invested $9,000 at 8% and 7.2% at $15,000.