SOLUTION: Suppose that $18,000 is invested in two types of bonds for one year. part of the money is invested in a high-risk, high-growth fund that earned 24% annual interest. The rest is i

Question 85560: Suppose that $18,000 is invested in two types of bonds for one year. part of the money is invested in a high-risk, high-growth fund that earned 24% annual interest. The rest is invested in a safe fund that earned 5% annual interest. If $2320 in interest is earned, how much was invested in each account?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Suppose that $18,000 is invested in two types of bonds for one year. part of the money is invested in a high-risk, high-growth fund that earned 24% annual interest. The rest is invested in a safe fund that earned 5% annual interest. If $2320 in interest is earned, how much was invested in each account?
----------
24% investment DATA:
Amount = x dollars; amt of interest = 0.24x dollars
---------------------
5% investment DATA:
Amount = 18000-x ; amt of interest = 0.05(18000-x)= 900-0.05x dollars
----------------
EQUATION:
interest + interest = interest
0.24x + 900 - 0.05x = 2320
Multiply thru by 100 to get:
24x + 90000 - 5x = 232000
19x = 142000
x= $7473.68
18000-x=$10,526.32
================
Chers,
Stlan H.
RELATED QUESTIONS
suppose that 18,000 is invested in two types of bonds for one year. Part of the money is... (answered by Theo)

Formulate a system of equations for the situation below and solve. A private investment... (answered by Theo,MathTherapy)

Formulate a system of equations for the situation below and solve. A private investment... (answered by mananth,MathTherapy)

Formulate a system of equations for the situation below and solve. A private... (answered by greenestamps)

A private investment club has $500,000 earmarked for investment in stocks. To arrive at... (answered by Theo)

A person invests a total of R200 000 in money-market accounts at three different banks: (answered by Boreal)

Formulate but do not solve the problem. The management of a private investment club... (answered by Glaviolette,MathTherapy)

Formulate a system of equations for the situation below and solve. A private... (answered by richwmiller)

Jane has $10 000 to invest. She invested part of it in a term deposit that pays 4% per... (answered by checkley71)