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March 25, 2017

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An executive invests $24,000, some at 7% and some at 5% annual interest. If he receives an annual return of $1600, how much is invested at each rate?

  • Math - ,

    Let amount invested at 7% be $x.
    Amount invested at 5% = $(24000-x)
    x*0.07+(24000-x)*0.05 = 1600

    Solve for x.

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