Maliki Williams earned $48,000 from royalties on her cookbook. She paid a 28% income tax on these royalties. The balance was invested two ways. some of it at 3.25% interest and some at 1.75%. The investment produced $904.80 interest per year. Find the amount invested at each rate.

Truscelli3h

Truscelli3h

Answered question

2022-09-04

Maliki Williams earned $48,000 from royalties on her cookbook. She paid a 28% income tax on these royalties. The balance was invested two ways. some of it at 3.25% interest and some at 1.75%.
The investment produced $904.80 interest per year. Find the amount invested at each rate.

Answer & Explanation

Vaughn Greer

Vaughn Greer

Beginner2022-09-05Added 15 answers

48,000-.28(48,000)=34,560 is the total amount invested by Maliki(substracting the taxes)
let
X: the quantity invested at 3.25
Y: the quantity invested at 1.75; Y= 34560 - X
The total interest earned
0.0325X - 604.8 + 0.0175X= 904.80
0.015X=300
X=20,000 amount invested at 3.25
Y=14560 amount invested at 1.75

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