A farmer bought a scratch ticket and found out later that he won$1,800,000. After 30% was deducted for income taxes he invested therest; some at 4.75% and some at 6.25%. If the annual interest earnedfrom his investments is $72,135, find the amount he invested at eachrate.A. Define variables to represent the unknowns and setup thenecessary equations to answer the question.B. Algebraically solve the equation you created and express your finalanswer using a complete sentence and appropriate units

We use the formula I=PTR/100 Where I=Interest P=principal amount…

A farmer bought a scratch ticket and found out later that he won $1,800,000. After 30% was deducted for income taxes he invested the rest; some at 4.75% and some at 6.25%. If the annual interest earned from his investments is $72,135, find the amount he invested at each rate.

A farmer bought a scratch ticket and found out later that he won $1,800,000. After 30% was deducted for income taxes he invested the rest; some at 4.75% and some at 6.25%. If the annual interest earned from his investments is $72,135, find the amount he invested at each rate.

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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