Terrell Voltz: Solve as simultaneous equations. Let x be the amount invested in bankLet y be the amount invested in stocks.So x + y=24000 (1)and from the interest0.08x + 0.11y=2340 (2)Multiply (2) by 12.5 to getx + 1.375y = 29250 (3)Perform (3) - (1) to get0.375 y = 29250 - 24000 = 5250Dividing by 0.375 givesy = 14000.So $14,000 was invested in stocks....Show more
Cortez Badolato: X is the amount invested in stocks:X * 0.11 + ( 24000 - X ) * 0.08 = 2340X * 0.03 = 2340 - 1920X = 14000(Check it: 14000 * .11 + 10000 * .08 = 2340)ANSWER: $14,000.00 was originally invested in stocks....Show more
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