If a total of $6000 is invested: part at 7% and the remainder at 11 %. $5000 is invested at 7%, and $1000 is invested at 11%.
What is the amount invested?
Let's assume that the amount invested at 7% is x dollars.
Amount invested at 11% can be represented as (6000 - x) dollars.
Use the formula for simple interest to set up an equation:
Interest = Principal * Rate * Time
Set up two equations using the amounts invested at each rate:
0.07x + 0.11(6000 - x) = 460
0.07x + 660 - 0.11x = 460
Combine like terms:
-0.04x + 660 = 460
Subtract 660 from both sides:
-0.04x = -200
Divide both sides by -0.04:
x = 5000
Therefore $5000 is invested at 7% and ($6000 - $5000 = $1000) is invested at 11%.