Answer :
Answer
Amount invested at 6% interest = 17,000
Explanation
The simple interest on an invested principal (P), at a rate, R, for a period of time, T, is given by
Simple Interest = (PRT/100)
Let the amount invested at 6% be x
Let the amount invested at 7% be y
Sum of these amounts is $41,000
x + y = 41000
Simple Interest on x for 1 year
SI = (x × 6 × 1/100) = 0.06x
Simple interest on y for 1 year
SI = (y × 7 × 1/10) = 0.07y
Sum of annual interest = $2,700
0.06x + 0.07y = 2700
Now, we have a simultaneous equation
x + y = 41000
0.06x + 0.07y = 2700
Solving this simultaneously,
x = 17,000
y = 24,000
Hope this Helps!!!