Answer :
Answer:
Amount invested at rate of 1% is $3000
And amount invested at rate of 7% is $4500
Explanation:
Let he invested $x at a rate of 1%
So amount invested at rate of 7% = x+1500 ( Given in question )\
Total interest for 1 year is given $345
Interest will be equal to [tex]SI=\frac{P\times r\times t}{100}[/tex], here P is amount to be invested r is rate of interest and n is time period
So total interest [tex]=\frac{x\times 1\times 1}{100}+\frac{(1500+x)\times 1\times 7}{100}=345[/tex]
[tex]x+7x+10500=34500[/tex]
8x = 24000
x = 3000
So amount invested at rate of 1% is $3000
And amount invested at rate of 7% = $3000+$1500 = $4500