A financial services company invested a person's IRA contribution of $3600 for one year at simple interest, yielding $286. Part of the money is invested at 7% and the rest at 9%. How much was invested at each rate? Complete the following table, letting x= the number of dollars invested at 7% and y= the number of dollars invested at 9%.
[
egin{array}{|c|c|c|c|}
hline
& ext{First investment} & ext{Second investment} & ext{Total} \
hline
ext{Principal, P} & x & y & $3600 \
hline
end{array}
]
Complete the following table, letting x= the number of dollars invested at 7% and y= the number of dollars invested at 9%.
[
egin{array}{|c|c|c|c|}
hline
& ext{First investment} & ext{Second investment} & ext{Total} \
hline
ext{Principal, P} & x & y & $3600 \
ext{Rate of interest, r} & 7% & 9% & \
ext{Time, t} & 1 ext{ year} & 1 ext{ year} & \
ext{Interest} & 0.07x & 0.09y & $286 \
hline
end{array}
]
[
x + y = 3600
]
[
0.07x + 0.09y = 286
]
Begin by completing the table. Determine the rate of interest on the first investment: 7%