Answer :
Amount invested at 8% is 1800 , and Amount invested in 5% is [tex]21000-1800 = \$19,200[/tex] .
Step-by-step explanation:
Here we have , An executive invests $21,000, some at 8% and the rest at 5% annual interest. If he receives an annual return of $1,590, We need to find how much is invested at each rate . Let's find out:
Let x be amount invested in 8% , So amount invested in 5% will be
$(21,000-x) . According to question , If he receives an annual return of $1,590
⇒ [tex]\frac{8(x)}{100} +\frac{(21000-x)(5)}{100} =1590[/tex]
⇒ [tex]\frac{(21000(5)-5x)+8x}{100} =1590[/tex]
⇒ [tex]105000+3x=1590(100)[/tex]
⇒ [tex]3x=159000-105000[/tex]
⇒ [tex]3x=5400[/tex]
⇒ [tex]x=1800[/tex]
Therefore , Amount invested at 8% is 1800 , and Amount invested in 5% is [tex]21000-1800 = \$19,200[/tex] .