How much was invested at each rate?

label Mathematics
account_circle Unassigned
schedule 1 Day
account_balance_wallet $5

You invested $6000 in two stocks paying 9% and 6% annial interest, respectively. At the end of the year, the total interest from these investments was $480. How much was invested a each rate?

Mar 20th, 2015

let the amount invested in first stock is $x and second stock is $(6000-x)

x*9*1/100 + (6000-x)*6*1/100 = 480

9x/100 + (36000-6x)/100 = 480

(9x + 36000 - 6x)/100 = 480

9x+36000-6x = 480*100

3x+36000=48000

3x=48000-36000

3x = 12000

x = 4000

first stock = $4000

second stock = 6000-4000 = $2000

Mar 20th, 2015

Studypool's Notebank makes it easy to buy and sell old notes, study guides, reviews, etc.
Click to visit
The Notebank
...
Mar 20th, 2015
...
Mar 20th, 2015
Oct 21st, 2017
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer