SOLUTION: Mardi received an inheritance of $60,000. She invested part at 11% and deposited the remainder in tax-free bonds at 9%. Her total annual income from the investments was $6200. F

Question 146457: Mardi received an inheritance of $60,000. She invested part at 11% and deposited the remainder in tax-free bonds at 9%. Her total annual income from the investments was $6200. Find the amount invested at 11%.
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
.11X+.09(60,000-X)=6,200
.11X+5,400-.09X=6,200
.02X=6,200-5,400
.02X=800
X=800/.02
X=40,000 AMOUNT INVESTED @ 11%.
60,000-40,000=20,000 INVESTED @ 9%.
PROOF:
.11*40,000+.09*20,000=6,200
4,400+1,800=6,200
6,200=6,200
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