SOLUTION: A sales representative invests in a stock paying 9% dividends. A research consultant invests $5,000 more than the sales representative in bonds paying 8% annual simple interest. Th
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Question 1108846: A sales representative invests in a stock paying 9% dividends. A research consultant invests $5,000 more than the sales representative in bonds paying 8% annual simple interest. The research consultant’s income from the investment is equal to the sales representative’s. Find the amount of the research consultant’s investment.
I know the answer is $45,000 since it was in the back of my book. I don’t understand how to get there.
Found 2 solutions by addingup, TeachMath:
Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
0.09x = 0.08(x+5000)
0.09x = 0.08x + 400
0.01x = 400
x = 40,000
Answer by TeachMath(96) (Show Source): You can put this solution on YOUR website!
40,000 is WRONG! You already revealed the answer.
Let amount research assistant invested be A
.08A = .09(A - 5,000)
.08A = .09A - 450
- .01A = - 450
A, or research assistant's investment-amount = - 450/- .01 = $45,000
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