A man invested a total of ₦50000 in two companies. If these companies pay dividends of 6% and 8% respectively, how much did he invest at 8% if the total yie...

A man invested a total of ₦50000 in two companies. If these companies pay dividends of 6% and 8% respectively, how much did he invest at 8% if the total yield is ₦3700?

Answer Details

Total yield = ₦3,700
Total amount invested = ₦50,000
Let x be the amount invested at 6% interest and let y be the amount invested at 8% interest
then yield on x = $\frac{6}{100}$ x and yield on y = $\frac{8}{100}$y
Hence, $\frac{6}{100}$x + $\frac{8}{100}$y
= 3,700.........(i)
x + y = 50,000........(ii)
6x + 8y = 370,000 x 1
x + y = 50,000 x 6
6x + 8y = 370,000.........(iii)
6x + 6y = 3000,000........(iv)
Eqn (iii) - Eqn (ii)
2y = 70,000
y = $\frac{70,000}{2}$
= 35,000
Money invested at 8% is ₦35,000