Ask Question
1 August, 20:39

Mr Jones has 20,000 to invest. He invests part at 6% and part at 7%, if hr earns 1,280 in interest after 1 year, how much did he invest at each rate.

+1
Answers (1)
  1. 1 August, 20:47
    0
    Let x be the amount he invests at 6%

    1280 = 0.06x + 0.07 (20000 - x)

    1280 = 0.06x + 1400 - 0.07x

    1280 - 1400 = - 0.01x

    -120 / - 0.01 = x

    x = 12000

    Therefore, he invests $12,000 at 6% and $8,000 at 7%
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Mr Jones has 20,000 to invest. He invests part at 6% and part at 7%, if hr earns 1,280 in interest after 1 year, how much did he invest at ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers