An executive invests $27,000, some at 7% and the rest at 4% annual interest. If he receives an annual return of $1,530, how much i

Question

An executive invests $27,000, some at 7% and the rest at 4% annual interest. If he receives an annual return of $1,530, how much is invested at each rate?

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RuslanHeatt 4 weeks 2022-12-21T11:08:41+00:00 1 Answer 0 views 0

Answer ( 1 )

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    2022-12-21T11:10:14+00:00
    hi
    Let’s call money invested at 7%  X and the one at  4% Y
    So we have :
    X+Y = 27 000                       (1)
    0.07X + 0.04 Y =  1 530       (2)  
    As X+Y = 27 000 then   Y = 27 000 -X
    then   we have in line (2)
    0.07X + 0.04 ( 27 000 -X) =  1 530
    0.07X +  1080 -0.04 X = 1 530
    0.07X – 0.04X = 1530 – 1080
              0.03X =  450
                     X = 450 / 0.03
                     X =  15 000
    Now  X = 15 000
    so Y = 27 000 – 15 000 =  12 000
    Answer is :   15 000 dollars were invested at  7% and 12 000 at  4%
    Let’s check  to be sure  :  
    15 000 * 0.07 =  1 050
    12 000 *0.04 =     480
    and  1 050 + 480 = 1 530  

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