An executive invests $35,000, some at 6% and some at 7% annual interest.If he receives an annual return of $2,150, how much is invested at each rate?
A) $\quad \$ 30,000$ at $7 \% , \$ 5,000$ at $6 \%$
B) $\$ 31,100$ at $6 \% , \$ 3,900$ at $7 \%$
C) $\quad \$ 30,000$ at $6 \% , \$ 5,000$ at $7 \%$
D) $\quad \$ 30,500$ at $6 \% , \$ 4,500$ at $7 \%$
E) $\quad \$ 31,000$ at $6 \% , \$ 4,000$ at $7 \%$

Question

An executive invests $35,000, some at 6% and some at 7% annual interest.If he receives an annual return of $2,150, how much is invested at each rate? 
A) $\quad \$ 30,000$ at $7 \% , \$ 5,000$ at $6 \%$
B) $\$ 31,100$ at $6 \% , \$ 3,900$ at $7 \%$
C) $\quad \$ 30,000$ at $6 \% , \$ 5,000$ at $7 \%$
D) $\quad \$ 30,500$ at $6 \% , \$ 4,500$ at $7 \%$
E) $\quad \$ 31,000$ at $6 \% , \$ 4,000$ at $7 \%$

Quizplus · Accepted Answer

The total interest from both investments is $2,150. Let x be the amount invested at 6%, then (35,000 - x) is invested at 7%. The equation is 0.06x + 0.07(35,000 - x) = 2,150. Solving this gives x = $30,000 at 6% and $5,000 at 7%.

An Executive Invests $35,000, Some at 6% and Some at 7