| A total of $11,000 was invested. Part was invested at 4%, and the rest was invested at 7%. If the investments earn $680 per year, how much was invested at each rate? |
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Let x = Amount Invested at 4% Let y = Amount Invested at 7% Amount Invested = $11,000 Total Income = $680 x + y = 11000 x = 11000 - y 0.04x +0.07y = 680 4x +7y = 68000 4(11000 - y) +7y = 68000 44000 - 4y +7y = 68000 3y = 24000 y = $8,000 Invested at 7% x = 11000 - 8000 x = $3,000 Invested at 4% |