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?
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 = 12000
x = 4000
first stock = $4000
second stock = 6000-4000 = $2000
Content will be erased after question is completed.
Enter the email address associated with your account, and we will email you a link to reset your password.
Forgot your password?