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I did all the other problems on my homework, but I don't know how to do this one...
An investor has $60,000 to invest. If part is invested at 8% and the rest at 14%, how much should be invested at each rate to yield 12% on the total amount?
Help please?
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Answers (1)
call x is the amount of money invested at 8% so 60000 - x is the amount invested at 14%
we have
.08x + 0.14(60000-x) = 60000*0.12
0.08x + 8400 - 0.14x = 7200
-0.06x = -1200
x = 20000$
So we have 20000$ invested at 8% and 40000$ invested at 14%
Hope this helps.