An executive invests $27,000, some at 8% and the rest at 7% annual interest. If he receives an annual return of $2,050, how much is invested at each rate
Let x be the amount invested at 8% the remaining amount (27,000 - x) was invested at 7%. After one year $x yielded an interest A₁ OR A₁ = x(0.08) The remained yielded an interest of A₂ = (27000 - x) (8%) A₁ = x(0.08) A₂ = (27000 - x) (8%) ---- --------------------------------- A₁+A₂ = x(0.08) + (27000 - x) (8%)
