SOLUTION: Investment question - Please help with the formula, I can probably calculate myself from there. I believe I have the formula wrong.
David split his $25,000 inheritance between
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Question 133955This question is from textbook Elementary and Intermediate Algebra
: Investment question - Please help with the formula, I can probably calculate myself from there. I believe I have the formula wrong.
David split his $25,000 inheritance between Fidelity Short-Term Bond Fund with an annual yield of 5% and T.Rowe Price Tax-Free Short-IntermediateFund with an annual yield of 4%. If his total income for one year one two investments was $1140, then how much did he invest in each fund?
This question is from textbook Elementary and Intermediate Algebra
Found 2 solutions by scott8148, Ganesha:
Answer by scott8148(6628) (Show Source): You can put this solution on YOUR website!
let x="amount @ 5%", so 25000-x="amount @ 4%"
(5%)(x)+(4%)(25000-x)=1140 __ multiplying by 100 to clear % __ 5x+100000-4x=114000
Answer by Ganesha(13) (Show Source): You can put this solution on YOUR website!
Let $x and #25000-x be the split invested in 5% and 4% annual yield bonds.The annual yields from the bonds = 0.05x + 0.04(25000-x) = 1140 ==>
0.05x-0.04x =1140 - 25000*0.04 =1140 - 1000 = 140==>
x= 140/(.o1)=14000.
x=14000 and 25000-x = 1100 are the investment in 5% and 4% annual yield bonds
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