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.

Question

Porter Shields

Mathematics

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.

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Answers (1)

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Jett Garza · Answer 1

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%