Question

Two investments totaling $23,500 produce an annual income of $795. One investment yields 2% per year, while the other yields 7% per year. How much is invested at each rate? I will cashapp whoever answers this question correctly

Answer 1

$ 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%.