Solve the problem.
-Mardi received an inheritance of $70,000. She invested part at 11% and deposited the remainder in tax-free bonds at 7%. Her total annual income from the investments was $6900. Find the amount invested at 11%.
A)$50,000
B)$63,100
C)$25,000
D)$49,000

Question

Quizplus · Accepted Answer

Let x be the amount invested at 11%. Then, the amount invested at 7% is 70000 - x. The annual income from the 11% investment is 0.11x, and the annual income from the 7% investment is 0.07(70000 - x). The total annual income is 6900, so we have the equation:0.11x + 0.07(70000 - x) = 6900Solving for x, we get:x = 50000Therefore, the amount invested at 11% is $50,000.

Solve the Problem. -Mardi Received an Inheritance of $70,000. She Invested Part at Invested