Anders has $35,000 to invest. He invested part at 5.5% and part at 7%. His investments earned $2,195 total interest for the year. How much did Anders invest at each rate?
A) $17,000; $18,000
B) $18,000; $17,000
C) $20,000; $15,000
D) $15,000; $20,000
E) $10,000; $25,000

Question

Quizplus · Accepted Answer

Let x be the amount invested at 5.5% and y be the amount invested at 7%.We have the following system of equations:x + y = 350000.055x + 0.07y = 2195Solving this system of equations, we get:x = 17000y = 18000Therefore, Anders invested $17,000 at 5.5% and $18,000 at 7%.

Anders Has $35,000 to Invest