Problema Solution
A financial consultant invests $6,000 at a certain rate and $8,000 at a rate that is 1% less than twice the rate at $6,000.If the total income from both investments is $1,240.00, find the rate of each investment.
Answer provided by our tutors
let
r = the rate of the $6,000 investment in decimals
2r - 0.01 = the rate of the $8,000 investment in decimals
the total income from both investments is $1,240.00:
6000r + 8000(2r - 0.01) = 1240
by solving we find:
r = 0.06 or 6%
click here to see the step by step solution of the equation:
2r - 0.01 = 2*0.06 - 0.01 = 0.11 or 11%
the $6,000 were invested at 6%.
the $8,000 were invested at 11%.