sam invested a sum of money at 6%. he invested a second sum, $1,000 more than the first sum at 7%. if annual income was $1,110, how much did he invest at 6%? how much at 7%?

Answer 1

0.06x + 0.07(1+x) = 1.11 (using units of 1 to represent $1,000)

.13x = 1.11-.07 = 1.04

x = 1.04/.13 = 8

$9,000 invested at 7%

$8,000 invested at 6%

.06(8) + .07(9) = .48 + .63 = .1.11