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?
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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%
