Ask Question
3 November, 00:52

Mr Jones has 20,000 to invest. He invests part at 6% and part at 7%, if hr earns 1,280 in interest after 1 year, how much did he invest at each rate.

+2
Answers (1)
  1. 3 November, 03:54
    0
    Let x be the amount he invests at 6%

    1280 = 0.06x + 0.07 (20000 - x)

    1280 = 0.06x + 1400 - 0.07x

    1280 - 1400 = - 0.01x

    -120 / - 0.01 = x

    x = 12000

    Therefore, he invests $12,000 at 6% and $8,000 at 7%
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Mr Jones has 20,000 to invest. He invests part at 6% and part at 7%, if hr earns 1,280 in interest after 1 year, how much did he invest at ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers