Stan invested $13,000, part at 17% and part at 2%. If the total interest at the end of the year is $1,910, how much did he invest at 17%?
To find out how much Stan invested at 17%, we can set up an equation based on the given information.
Let's assume that Stan invested x dollars at 17% and (13,000 - x) dollars at 2%.
The amount of interest earned on the investment at 17% is given by the formula: I = P * r * t, where I is the interest, P is the principal amount (the investment), r is the interest rate per time period, and t is the time period (in years, in this case).
So, the interest earned on the investment at 17% is: (x * 0.17 * 1), since the time period is given as 1 year.
Similarly, the interest earned on the investment at 2% is: (13,000 - x) * 0.02 * 1.
Now, we can set up an equation to solve for x:
(x * 0.17 * 1) + ((13,000 - x) * 0.02 * 1) = 1,910
Simplifying the equation:
0.17x + 0.02(13,000 - x) = 1,910
0.17x + 260 - 0.02x = 1,910
0.15x + 260 = 1,910
0.15x = 1,650
Dividing both sides of the equation by 0.15:
x = 1,650 / 0.15
x ≈ 11,000
Therefore, Stan invested approximately $11,000 at 17%.