SOLUTION: Mardi received an inheritance of $50,000. She invested part at 1.75% and deposited the remainder in tax-free bonds at 2%. Her total annual income from the investments was $900.

Question 838100: Mardi received an inheritance of $50,000. She invested part at 1.75% and deposited the remainder in tax-free bonds at 2%. Her total annual income from the investments was $900. Find the amount invested at 1.75%

Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Part I 1.75% per annum ------------- Amount invested =x
Part II 2.00% per annum ------------ Amount invested = y
50000
Interest----- 900.00

Part I 1.75% per annum ---x
Part II 2.00% per annum ---y
Total investment
x + 1 y= 50000 -------------1
Interest on both investments
1.75% x + 2.00% y= 900
Multiply by 100
1.75 x + 2 y= 90000.00 --------2
Multiply (1) by -1.75
we get
-1.75 x -1.75 y= -87500.00
Add this to (2)
0 x 0.25 y= 2500
divide by 0.25
y = 10000
Part I 1.75% $ 40000
Part II 2.00% $ 10000

CHECK
40000 --------- 1.75% ------- 700.00
10000 ------------- 2.00% ------- 200.00
Total -------------------- 900.00

m.ananth@hotmail.ca

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