Answer:
$ 6,500 was invested at 7%, while $ 17,000 was invested at 2%.
Explanation:
Given that two investments totaling $ 23,500 produce an annual income of $ 795, and one investment yields 2% per year, while the other yields 7% per year, to determine how much is invested at each rate, the following calculation must be performed:
23,500 x 0.07 + 0 x 0.02 = 1,645
11,750 x 0.07 + 11,750 x 0.02 = 1,057.5
5.875 x 0.07 + 17.625 x 0.02 = 763.75
6,500 x 0.07 + 17,000 x 0.02 = 795
Thus, $ 6,500 was invested at 7%, while $ 17,000 was invested at 2%.