SOLUTION: I need help can someone please, please help me with this problem.
A total of $6,200 is invested in stock. The preferred stock yields 7% while the common stock yields 5.5% intere
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Question 889897: I need help can someone please, please help me with this problem.
A total of $6,200 is invested in stock. The preferred stock yields 7% while the common stock yields 5.5% interest. How much is invested in each type of stock if the total investment brings $389 per year? Can you please give me detail steps to help me understand? I would deeply deeply appreciate your response.
Thank You
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
Let 
represent the amount invested at 7%. Then, since we know the total amount invested is $6,200, the amount invested at 5.5% must be that portion of 6200 that is NOT invested at 7%, in other words 
. The amount of return on the 7% investment is then 
and the amount of return on the 5.5% investment is )
The sum of these two return amounts is the total return on the investment, namely $389. In short:
\ =\ 389)
Solve for , then calculate . Check your work by making sure these two amounts add up to $6200.
John
My calculator said it, I believe it, that settles it
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