Answer:
$30,000 (at 3%) and $27,000 (at 2 7/8%)
Step-by-step explanation:
The investor invested a total of 57000
• Let the amount invested at 3% simple interest = x
,
• Then, the amount invested at 2 7/8% simple interest = 57000-x
Recall the formula for simple interest:
Interest at 3%
Interest at 2 7/8%
Total Interest
The investor earned a total of $1676.25 in annual interest. Therefore:
Thus, the amount invested at 3% simple interest = $30,000
The amount invested at 2 7/8% simple interest = 57,000-30,000 = $27,000