Question 173083This question is from textbook College Algebra
: Cookbook Royalties Latasha Williams earned $48,000 from royalties on her cookbook. SHe paid a 28% income tax on these royalties. The balance was invested in two ways, some of it at 3.25% interest and some at 1.75%. The investments produced $904.80 interest per year. Find the amount invested at each rate.
This question is from textbook College Algebra
Answer by checkley77(12844)   (Show Source):
You can put this solution on YOUR website! 48,000(1-.28)=48,000*.72=$34,560 is her balance after taxes.
.0325x+.0175(34,560-x)=904.80
.0325x+604.80-.0175x=904.80
.015x=904.8-604.8
.015x=300
x=300/.015
x=$20,000 is the amount invested @ 3.25%
34,560-20,000=$14,560 is the amount invested @ 1.75%
Proof:
.0325*20,000+.0175*14,560=904.80
650+254.80=904.80
904.8=904.8
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