Step-by-step explanation
Assuming that x represents the amount invested at 1% and 68,000-x represent the amount invested at 7%,
The total interest will be given by the following expression:
0.07x + 0.01(68,000-x)= 3,260
Applying the distributive property:
0,07x + 680 -0.01x = 3,260
Subtracting -680 to both sides:
0.07x - 0.01x = 3,260 - 680
Subtracting terms:
0.06x = 2,580
Dividing both sides by -0.06:
x = 2,580/0.06
Simplifying:
x= 43,000
Subtracting 43,000 to 68,000:
68,000-43,000 = 25000
In conclusion, there was invested $25,000 at 1% and $43,000 at 7%