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1 October, 02:57

An executive invests $26,000, some at 8% and some at 6% annual interest. If he receives an annual return of $1,860, how much is invested at each rate?

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  1. 1 October, 03:34
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    Suppose that executive decides to invest X Dollars on the 8% annual interest investment. so that means that he would invest the remaining money on investment with 6% annual interests, which is = (26,000-X)

    Total annual return he will get on 8% annual interest investment would be: X/100*8

    Total annual return he will get on 6% annual interest investment would be: (26,000-X) * 6 / 100

    We know that total annual return he got was $1,860 which is the sum of annual return of both the investments.

    So: X*8/100 + (26,000-X) * 6/100 = 1860

    We now have a equation with only one variable X and we can find its value by solving this simple equation.

    1860 = 8X/100 + (26,000-X) * 6/100

    1860 = 8X/100 + 156000-6X/100

    1860 = (8X + 156000-6X) / 100

    186000 = 2X + 156000

    186000 - 156000 = 2X

    30000 = 2X

    30000/2 = X

    15000 = X

    so X = 15000 and Y = 26000-15000 which is 11,000.

    Executive invests 15,000 on the 8% annual interest investment and He invests 11,000 on the 6% investment.
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