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10 December, 02:27

An executive invests $22,000, some at 8% and the rest at 6% annual interest. If he receives an annual return of $1,660, how much is invested at each rate?

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  1. 10 December, 02:41
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    Here's the equation I'm using:

    0.08n + 0.06 (22000-n) = 1660

    Multiply both sides by 100:

    8n + 132000-6n = 166000

    Simplify:

    2n + 132000 = 166000

    Isolate n:

    2n = 34000

    n = 17000

    8% invested: 17000

    6% invested: 5000
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