An executive invests $29,000, some at 6% and the rest at 4% annual interest. If he receives an annual return of $1,380, how much is invested at each rate?

Answer 1

X is invested at 6%

Y is invested at 4%

X+Y = 29000

0.06X + 0.04Y = 1380

solves first equation for Y and multiplies second equation by 100:

Y = 29000 - X

6X + 4Y = 138000

6x + 4*(29000-x) = 138000

6x + 116000 - 4x = 138000

2x = 22000

x=11000

y = 18000