Answer:
$20000 and $14560
Step-by-step explanation:
First, we need to get the total tax paid by Malliki Williams
To get that, we have to multiply her income tax (28%) by total royalties ($48000)
28% of $48000 = $13440
Balance after tax = $48000 - $13440
Balance = $34560
She invested some of the balance ($34560) at the rate of
3.25% ---- First investment
1.75% --- Second investment
Assume her first investment is x dollars
Definitely, her second investment would be $34560 - x
3.25% of x + 1.75% (34560 - x ) = 904.8
0.0325x + 0.0175(34560-x) = 904.8 ----- Open the bracket
0.0325x + 604.8x - 0.0175x = 904.8 ------ Collect like terms
0.0325x -0.0175x =904.8 - 604.8
0.015x = 300 ------ Divide both sides by 0.015
x = 300/0.015
x = 20000
Remember that x represents her first investment
Her second investment is $34560 - $20000 =$14560
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