College Algebra (10th Edition)

Published by Pearson
ISBN 10: 0321979478
ISBN 13: 978-0-32197-947-6

Chapter 1 - Section 1.7 - Problem Solving: Interest, Mixture, Uniform Motion, Constant Rate Job Applications - 1.7 Asses Your Understanding - Page 141: 22

Answer

See below.

Work Step by Step

Let $x$ be the amount loaned out at $16\%$, then $1,000,000-x$ is the amount loaned out at $19\%$, then our equation is: $1.16x+(1,000,000-x)1.19=1.18\cdot1,000,000\\1.16x+1,190,000-1.19x=1,180,000\\-0.03x=10000\\x=333,333.33$ So $333,333.33$ should be the amount loaned out at $16\%$ and then $666,666.67$ is the amount loaned out at $19\%$.
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