How much was invested at each rate?

Question

An amount of money was invested at 5%, and $1,500 more than this amount was invested at 7%. If the combined annual interest was $585, how much was invested at each rate?

Answer 1

Let x = amount invested at 5%

     x + 1500 = amount invested at 7%

 

Then 0.05x + 0.07(x + 1500) = 585

         0.05x + 0.07x + 105 = 585

         0.12x = 480

               x = 4000

 

Answer:  $4000 IS INVESTED AT 5% AND $5500 IS INVESTED AT                7%.