An executive invests $24,000, some at 7% and the rest at 5% annual interest. If he receives

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An executive invests $24,000, some at 7% and the rest at 5% annual interest. If he receives an annual return of $1,400, how much is invested at each rate?

at 7% interest $________

at 5% interest $________

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Personal Finance

ISBN: 978-1133595830

12th edition

Authors: Thomas Garman, Raymond Forgue

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Posted Date: Nov 30, 2022 03:51 AM

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An executive invests $24,000, some at 7% and the rest at 5% annual interest. If he receives

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Let x amount invested at 7 Let y amount invested at 5 x y 24000 1 007x 005y 1400 2 ... View the full answer

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