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Original Question
an executive invests $29,000 some at 7% and some at 6% annual interest. if he receives an annual return of $1870, how much is i...Asked by Kendra
An executive invests $26,000, some at 8% and some at 6% annual interest. If he receives an annual return of $1,800, how much is invested at each rate?
Answers
Answered by
Mat
0.08(X) + 0.06(26000-X) = 1800
Distribute
0.08(X) + 1560 - 0.06(X) = 1800
Re-arrange
0.08(X) - 0.06(X) = 240
Subtract Like-terms
0.02(X) = 240
Divide
X = 12000
Confirm Results
12000(0.08) = 960
14000(0.06) = 840
960 + 840 = 1800
Distribute
0.08(X) + 1560 - 0.06(X) = 1800
Re-arrange
0.08(X) - 0.06(X) = 240
Subtract Like-terms
0.02(X) = 240
Divide
X = 12000
Confirm Results
12000(0.08) = 960
14000(0.06) = 840
960 + 840 = 1800
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