Question 895284: Sally has $70,000 to invest. She invests some money at 7% interest and the rest at 11%. If her total annual income from these two investments is $7,100, how much does she invest at each rate?
Answer by reviewermath(1029)   (Show Source):
You can put this solution on YOUR website! Q:
Sally has $70,000 to invest. She invests some money at 7% interest and the rest at 11%. If her total annual income from these two investments is $7,100, how much does she invest at each rate?
A:
Let x = amount invested at 7% interest
therefore, 70000 - x = amount invested at 11% interest
0.07x + 0.11(70000 - x) = 7100
Multiply both sides by 100
7x + 11(70000 - x) = 710000
7x + 770000 - 11x = 710000
-4x = -60000
x = 15000
so 70000 - x = 55000
Amount invested at 7% = 15000 dollars
Amount invested at 11% = 55000 dollars
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