Mr. Jones has $ 23 , 000 to invest. He invests part at 9 % and the rest at 13 % . If he earns $ 2 , 590 in interest after 1 year, how much did he invest at each rate?

Question

Mr. Jones has  to invest. He invests part at  and the rest at . If he earns  in interest after  year, how much did he invest at each rate?

Answer 1

$10,000 invested at 9% and $13,000 invested at 13%

Let x = amount invested at 9% and (23,000-x) = amount invested at 13%

.09x + (23,000-x)(.13) = 2590

.04x = 400

x = $10,000

23,000-x =23,000-10,000 = $13,000