You invested $23,000 in two accounts paying 6% and 7% annual interest, respectively. If the total interest earned for the year was $1560, how much was invested at each rate?

$ 18,000 was invested at 7%, and $ 5,000 was invested at 6%.

Step-by-step explanation:

Given that I invested $ 23,000 in two accounts paying 6% and 7% annual interest, respectively, and the total interest earned for the year was $ 1,560, to determine how much was invested at each rate, the following calculation must be performed:

23,000 x 0.07 + 0 x 0.06 = 1,610

22,000 x 0.07 x 1,000 x 0.06 = 1,600

21,000 x 0.07 x 2,000 x 0.06 = 1,590

20,000 x 0.07 x 3,000 x 0.06 = 1,580

19,000 x 0.07 x 4,000 x 0.06 = 1,570

18,000 x 0.07 x 5,000 x 0.06 = 1,560

Thus, $ 18,000 was invested at 7%, and $ 5,000 was invested at 6%.

step-by-step explanation:

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