A woman invested part of $29,000 at 6% interest and the rest at 7%. If her annual interest is $1,895, how much did she invest at 6%?
amount at 6% ---- x
amount at 7% --- 29000-x
solve for x
.06x + .07(29000-x) = 1895
To find out how much the woman invested at 6%, we can set up an equation based on the information given.
Let's assume she invested x dollars at 6% interest. The rest of the money, which is (29000 - x) dollars, was invested at 7% interest.
Now we can calculate the interest earned from each investment:
Interest from 6% investment = x * 0.06
Interest from 7% investment = (29000 - x) * 0.07
According to the problem, the total annual interest was $1,895. So we can write the equation:
x * 0.06 + (29000 - x) * 0.07 = 1895
Now, we can solve this equation to find the value of x, which represents the amount invested at 6%.
0.06x + 0.07(29000 - x) = 1895
0.06x + 2030 - 0.07x = 1895
-0.01x = -135
x = -135 / -0.01
x = 13500
Therefore, the woman invested $13,500 at 6%.