Question

Two investments earn an annual income of $1075. One investment earns an annual simple interest rate of 7.3%, and the other investment earns an annual simple interest rate of 10.7%. The total amount invested is $11,000. How much is invested in each account? 7.3% investment $ 10.7% investment $

Answer 1

The sum of $3,000 was invested at 7.3% whereas $8,000 was invested at 10.7%

What is the annual income of each investment?

The annual income of each investment is determined as the amount invested multiplied by interest rate and time of investment

I=PRT

I=annual income=$1075

P=x at 7.3%, 11000-x at 10.7%

R=7.3%and 10.7%

T=1 year

I at 7.3%=x*7.3%*1

I at 7.3%=0.073x

I at 10.7%=(11000-x)*10.7%*1

I at 10.7%=1177-0.107x

annual income=0.073x+1177-0.107x

1075=1177-0.034X

0.034X=1177-1075

0.034x=102

x=102/0.034

x=$3,000

11000-x=11000-3000

11000-x=8000

Find out more about simple interest on:brainly.com/question/14214349

#SPJ1