Kevin has invested total 7800 in stocks, 3900 in each stock paying 9% and 11% interest annually with the total interest of $780.
Given:
Annual interest in first investment - 9%
Annual interest in other investment - 11%
Total interest annually - $780
Solution:
Let us assume, x is the investment in each stock
or, total investment = 2x
then, making an equation for the total interest
=> .09x+.11x=780
Multiplying everything by 100
=> 9x+11x=78000
=> 20x=78000
=> x= [tex]\frac{78000}{20}[/tex]
=> x = 3900
then, by total investment = 2x
=> 2×(3900) = 7800
So, Kevin has $7800 invested in stocks in total.
Thus, the correct answer is - $7800.
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