SOLUTION: Two investments totaling $56,500 produce an annual income of $2480. One investment yields 8% per year, while the other yields 2% per year. How much is invested at each rate?
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Question 899630: Two investments totaling $56,500 produce an annual income of $2480. One investment yields 8% per year, while the other yields 2% per year. How much is invested at each rate? Answer by richwmiller(17219) (Show Source):
You can put this solution on YOUR website! x+y=56500,
0.08*x+0.02*y=2480
x=56500-y
0.08*(56500-y)+0.02*y=2480
4520-0.08y+0.02*y=2480
-0.06*y=-2040
y= 34000
x=56500-y
x=22500
check
0.08*22500+0.02*34000=2480
1800+680=2480
2480=2480
ok
