Asked by Angel
An executive invests $28,000, some at 8% and the rest at 5% annual interest. If he receives an annual return of $1,760, how much is invested at each rate?
at 8% interest $
at 5% interest
at 8% interest $
at 5% interest
Answers
Answered by
R_scott
s + r = 28000
.08 s + .05 r = 1760 ... multiplying by 20 ... 1.6s + r = 35200
subtracting equations (to eliminate r) ... 0.6 s = 7200
solve for s , then substitute back to find r
.08 s + .05 r = 1760 ... multiplying by 20 ... 1.6s + r = 35200
subtracting equations (to eliminate r) ... 0.6 s = 7200
solve for s , then substitute back to find r
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.