Question

Bob invested $30,000, part at 10% and part at 1%. If the total interest at the end of the year is $1,560, how much did he invest at 10%?

Let x be the amount invested at 10%. Then, 30,000-x is invested at 1%

0.1 x + 0.01 (30,000 - x) = 1560

Solve that algebraic equation for x.

First step:

0.09 x = 1560 - 300 = 1260
x = ?

Answer 1

14000