Ask Question
15 February, 22:24

Gary won $70,000 in the lottery after all tax deductions. He invested part of the money at 11% and deposited the remainder in tax-free bonds at 12%. His total annual income from the investments was $7900. Find the amount invested at 11%. Find the amount invested at 12%.

+5
Answers (1)
  1. 15 February, 22:50
    0
    X - invested for the money at 11%

    70 000 - x - deposited at 12%

    0.11x + 0.12 (70000-x) = 7900

    0.11x + 8400 - 0.12x = 7900

    8400 - 7900 = 0.01x

    500 = 0.01x

    x=50 000 invested at 11%

    rest (20K) invested at 12%
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Gary won $70,000 in the lottery after all tax deductions. He invested part of the money at 11% and deposited the remainder in tax-free ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers