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An executive invests 28,000 some at 7% and the rest at 4% annual interest if he receives an annual return of $1,570 how much is invested at each rate

Sagot :

varshamittal029

we get that the amount invested at 7 % interest rate is $ 15,000 and at 4 % interest rate is $ 13,000.

We are given that:

the total amount invested is = $ 28,000

Let the amount invested at 7 % interest rate be x

Amount invested at 4 % interest rate = 28,000 - x

Interest received at the end of year = $ 1570

ATQ:

7 % x + 4 % ( 28,000 - x) = 1570

7 x + 4 (28,000 - x) = 157000

7 x + 112,000 - 4 x = 157,000

3 x = 157,000 - 112,000

3 x = 45,000

x = 45,000 / 3

x = 15,000

Amount invested at 7 % interest rate =  x = $ 15,000

Amount invested at 4 % interest rate = 28,000 - x = $ 13,000

Therefore, we get that the amount invested at 7 % interest rate is $ 15,000 and at 4 % interest rate is $ 13,000.

Learn more about interest rate here:

https://brainly.com/question/25545513

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