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Question

You have already invested $500 in a stock with an annual return of 11%. How much of an additional $1,400 should be invested at 12% and how much at 6% so that the total return on the entire $1,900 is 9%? (Round each answer to the nearest cent.)

Answer 1

Let x be the amount invested at 12% then the amount invested at 6% is 1400-x.

The amount returned is 11% of $500=$55.

The amount returned on x is 0.12x.

The amount returned on 1400-x is 0.06(1400-x).

The amount to be returned at 9% on $1900=$171.

So 55+0.12x+0.06(1400-x)=171.

55+0.12x+84-0.06x=171.

0.06x=171-139=32, x=32/0.06=3200/6=1600/3=$533.33.

$533.33 to be invested at 12%, $866.67 at 6%.