SOLUTION: Two investments totaling $53,000 produce an annual income of $3490. One investment yields 7% per year, while the other yields 6% per year. How much is invested at each rate?

Question 1023166: Two investments totaling $53,000 produce an annual income of $3490. One investment yields 7% per year, while the other yields 6% per year. How much is invested at each rate?
Answer by fractalier(6550) (Show Source): You can put this solution on YOUR website!
Call the amount invested at 7%, x.
Then the amount at 6% must be $53,000-x.
The set up looks like this:
.07x + .06(53000-x) = 3490
.07x + 3180 - .06x = 3490
.01x = 310
x = $31000 at 7%
and
53000-x = $22000 at 6%
RELATED QUESTIONS
Two investments totaling $33,000 produce an annual income of $2200. One investment... (answered by ikleyn)

Two investments totaling $31,000 produce an annual income of $2635. One investment yields (answered by addingup)

Two investments totaling $17,500 produce an annual income of $775. One investment yields... (answered by macston)

Two investments totaling $32,500 produce an annual income of $1540. One investment... (answered by lwsshak3)

Two investments totaling $57,500 produce an annual income of $4245 . One investment... (answered by greenestamps,ikleyn)

Two investments totaling $56,500 produce an annual income of $2480. One investment... (answered by richwmiller)

Two investments totaling $38,500 produce an annual income of $2805. One investment... (answered by richwmiller)

Two investments totaling $36000 produce an annual income of $2715. one investment yields... (answered by richwmiller)

Two investments totaling $61,000 produce an annual income of $2375. One investment... (answered by stanbon)