Wendy is a loan officer and has 1,000,000 to lend and is required to get an average return of 18% per year. If she can lend at the rate of 19% or at the rate of 16%, how much can she lend at 16% rate and still meet the requirement?

Answer 1

let the amount loaned out at 16% be $x

so

.16x + .19(1000000 - x) = .18(1000000)

(nice rate of return, must be a question from an "old" textbook)

Answer 2

I DON'T UNDERSTAND WHAT THE ANSWER WOULD BE....