Question

Joy invested $50,000 partly at 10% and partly at 15%. His total income after a year was $7,000. How much did he invest at 10%?

a. $20,000
b. $25,000
c. $30,000
d. $35,000

Answer 1

To solve this problem, set up a system of equations using x and y to represent the amounts invested at 10% and 15% respectively. Solve the system of equations to find the values of x and y.

Step-by-step explanation:

To solve this problem, we can set up a system of equations. Let x represent the amount invested at 10% and y represent the amount invested at 15%. The total investment is $50,000, so we have:

x + y = 50000

The total income after a year is $7,000, so we have:

0.1x + 0.15y = 7000

We can solve this system of equations to find the values of x and y. By substitution or elimination, we find that x = $30,000 and y = $20,000. Therefore, Joy invested $30,000 at 10%.