If his annual earnings from both investments is $733, how much is invested at each rate?
2006-12-31 12:09:08 · 4 answers · asked by *believe_it* 4 in Business & Finance ➔ Investing
That's easy, assume AJ invests $X at 5% and the rest (11,700 - X) at 7%, then
5% * X + 7% * (11,700 - X) = 733
Solving for X gives $4,300 at 5% and $7,400 at 7%.
A small tip: the nice round numbers will tell you that the answer is most likely to be correct...
2006-12-31 13:41:19 · answer #1 · answered by Hotel Tango 2 · 0⤊ 0⤋
This sounds like a homework question?
2006-12-31 12:13:34 · answer #2 · answered by D S 4 · 0⤊ 0⤋
$10,516 at 5%
$1,184 at 7%
2006-12-31 12:14:10 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Can you please tell me the bank name!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
2006-12-31 12:30:19 · answer #4 · answered by mauripaladi 3 · 0⤊ 0⤋