Answer:
$ 18,000 was invested at 7%, and $ 5,000 was invested at 6%.
Step-by-step explanation:
Given that I invested $ 23,000 in two accounts paying 6% and 7% annual interest, respectively, and the total interest earned for the year was $ 1,560, to determine how much was invested at each rate, the following calculation must be performed:
23,000 x 0.07 + 0 x 0.06 = 1,610
22,000 x 0.07 x 1,000 x 0.06 = 1,600
21,000 x 0.07 x 2,000 x 0.06 = 1,590
20,000 x 0.07 x 3,000 x 0.06 = 1,580
19,000 x 0.07 x 4,000 x 0.06 = 1,570
18,000 x 0.07 x 5,000 x 0.06 = 1,560
Thus, $ 18,000 was invested at 7%, and $ 5,000 was invested at 6%.
