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the total value of two investments is $5,000. The average annual interest rate for one investment is 10% and 14% for the other. The total annual interest is $620. How much is invested at each rate?

 Aug 27, 2020
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Let the amount invested at 10%     =M
Then, the amount invested at 14% =5,000 - M

 

0.10M + 0.14[5,000 - M] =620
0.10M + 700 - 0.14M      =620
- 0.04M = 620 - 700 =- 80
M = - 80 / - 0.04


M =$2,000 invested at 10%
$5,000 - $2,000 =$3,000 invested at 14%

 Aug 27, 2020

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