Investment problems such as those in Exercises can be solved by using a method simi...

Investment problems such as those in Exercises can be solved by using a method similar to the one explained in Example 2, along with the simple-interest formula I = PRT, where I is the interest earned, P is the initial amount of money deposited, R is the annual interest rate as a decimal, and T is the time the money is deposited in years. Solve each problem. Let T = 1 year for each exercise.

Cookbook Royalties Latasha Williams earned $48,000 from royalties on her cookbook. She paid a 28% income tax on these royalties. The balance was invested in two ways, some of it at 3.25% interest and some at 1.75%. The investments produced $904.80 interest the first year. Find the amount invested at each rate.