Question

Sam invested $7000, part at 7% and the rest at 11%. If his total return for one year was $690, how much was invested at each rate?

Oct 18, 2009

X * 0.07 + (7000-X) * 0.11 = 690

0.07X + 770 - 0.11X = 690

0.04X = 80

X = 2000 @ 7%

5000 @ 11%

Oct 18, 2009

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