SOLUTION: Two investments totaling $61,000 produce an annual income of $2375. One investment yields 3% per year, while the other yields 4% per year. How much is invested at each rate?

Algebra ->  Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> SOLUTION: Two investments totaling $61,000 produce an annual income of $2375. One investment yields 3% per year, while the other yields 4% per year. How much is invested at each rate?      Log On


   

Question 921021: Two investments totaling $61,000 produce an annual income of $2375. One investment yields 3% per year, while the other yields 4% per year. How much is invested at each rate?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Two investments totaling $61,000 produce an annual income of $2375. One investment yields 3% per year, while the other yields 4% per year. How much is invested at each rate?
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Equation::
int + int = interest
0.03x + 0.04(61000-x) = 2375
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3x + 4*61000 - 4x = 237500
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-x = -6500
x = $6500 (amt. invested at 3%)
61000 - x = $54500 (amt invested at 4%)
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Cheers,
Stan H.
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