Two investments totaling $34,000 produce an annual income of $2460. One investment yields 3% per year, while the other yields 9% per year. How much is invested at each rate?

Answer 1

X + y = 34000

0.03x + 0.09y = 2460

0.03x + 0.09(34000 - x) = 2460

0.03x + 3060 - 0.09x = 2460

3060 - 0.06 x = 2460

-0.06x = 2460 - 3060

-0.06x = -600

6x = 60000

x = 10000

10000 at 3% and 24000 at 9%