Answer:
At 5% amount invested = $7,500
At 7% amount invested = $3,500
Step-by-step explanation:
We shall create an equation for this.
Let the amount invested with 5 % interest = "x"
Then remaining amount = 11,000 - x, Since total amount invested = $11,000
(x [tex]\times[/tex] 5%) + ((11,000-x) [tex]\times[/tex] 7%) = $620
0.05 x + 770 - 0.07 x = 620
770 - 620 = 0.07 x - 0.05 x
150 = 0.02 x
[tex]\frac{150}{0.02}[/tex] = x
$7,500 = x
Therefore, amount invested at 5% = $7,500
At 7% = $11,000 - $7,500 = $3,500
