Question

A person invested $6,000, some at 7% and the rest at 5%. The income from the 7% investment is equal to the income from the 5% investment. Find the number of dollars invested at each rate.

Answer 1

The person invested $3500 at 7% and $2500 at 5%

Explanation:

We can say that
`0,07x+0,05x=6000` because the investment is equal both in one as in another, where x is the income from the investment.

Solving the equation we have:

`0,12x=6000\\x=50000`

Then to get the incomes:

At 7%:
`I=0.07*50000\\I=$3500`

And at 5%:
`I=0.05*50000\\I=$2500`

Finally we can demonstrate the answer because the income at 7% + income at 5% are 3500+2500=$6000