Question

Mr. Jones has $11,000 to invest. He invests part at 6% and the rest at 9 %. If he earns $870 in interest after 1 year, how much did he invest at each rate ?

Answer 1

Answer:

Step-by-step explanation:

The principal, P = $11000

m + n = 11000.................................(1)

Let the amount invested at 6% be m

interest at 6% = (m x 6 x 1)/100

Interest at 6% = 0.06m

Let the amount invested at 9% be n

interest at 9% = (m x 9 x 1)/100

Interest at 9% = 0.09n

Total interest = $870

0.06m + 0.09n = 870........................(2)

Multiply equation (1) by