An executive invests $23,000, some at 8% and some at 4% annual interest. If he receives an annual re

Discussion in 'Calculator Requests' started by math_celebrity, Jan 22, 2017.

  1. math_celebrity

    math_celebrity Administrator Staff Member

    An executive invests $23,000, some at 8% and some at 4% annual interest. If he receives an annual return of $1,560, how much is invested at each rate?

    Let x be the amount invested at 8% and y be the amount invested at 4%. We have two equations:
    1. x + y = 23,000
    2. 0.08x + 0.04y = 1,560
    Using our system of equations calculator, we get:
    x = 16,000
    y = 7,000
     

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