SOLUTION: My problem is Bill won $200,000 in a state lottery. He first paid income tax of 30% on the winnings. Of the rest, he invested some at 8.5% and some at 7%, making $10,700 interest p

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Question 550654: My problem is Bill won $200,000 in a state lottery. He first paid income tax of 30% on the winnings. Of the rest, he invested some at 8.5% and some at 7%, making $10,700 interest per year. How much was invested at each rate?
So far I have taken out the income tax which was 60,000 and have 140,000 left. Then i get stuck on trying to set up the equation.
I think its .085x + .07y = 10,700 but im not sure what to do...
Answer by jim_thompson5910(35256) About Me  (Show Source):
You can put this solution on YOUR website!
That's one equation. Another equation is x+y=14000 (basically add up the two amounts originally invested to get $140,000 again). Now solve this system by substitution or elimination to find your answer.