Mr. Jones has $ 23 , 000 to invest. He invests part at 7 % and the rest at 11 % . If he earns $ 2 , 130 in interest after 1 year, how much did he invest at each rate?

Answer 1

.07x + .11(23000-x) = 2,130

.07x -.11x = 2,130 - 2530 = -400

.04x = 400

x = 400/.04 = $10,000 invested at 7%

$13,000 invested at 11%

.07(10K) + .11(13K) = 700 + 1430 = 2130