Question

# An executive invests $22,000, some at 7% and some at 6% annual interest. If he receives an annual return of$1,420, how much is invested at each rate?

Algebra foundations
An executive invests $22,000, some at 7% and some at 6% annual interest. If he receives an annual return of$1,420, how much is invested at each rate?
The annual return is $1420 so we can write: $$\displaystyle{0.07}{x}+{0.06}{\left({22000}−{x}\right)}={1420}$$ Solve for x: $$\displaystyle{0.07}{x}+{1320}−{0.06}{x}={1420}$$ $$\displaystyle{0.01}{x}+{1320}={1420}$$ $$\displaystyle{0.01}{x}={100}$$ $$\displaystyle{x}=\frac{{100}}{{0.01}}$$ $$\displaystyle{x}={10000}$$ So, the executive invested$10,000 at 7% and \$12,000 at 6%.