An executive invests $28000, some at 8% and the rest at 6% annual interest. if he receive annual return of $2000 how much is invested at each rate?

$16,000 at 8% annual interest.

$12,000 at 6% annual interest.

Step-by-step explanation:

Let x be amount invested at a rate of 8% annual interest and y be the amount invested at a rate of 6% annual interest.

We have been given that an executive invests $28000, some at 8% and the rest at 6% annual interest. We can represent this information as:

We are also given that he received annual return of $2000. We can represent this information as:

We will use substitution method to solve our system of equations. From equation (1) we will get,

Substituting this value in equation (2) we will get,

Therefore, the executive has invested $12,000 at a rate of 6% annual interest.

Upon substituting y=12,000 in equation (1) we will get,

Therefore, the executive has invested $16,000 at a rate of 8% annual interest.

option 1

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