Question 155555This question is from textbook
: betsy recquires $6000 per year in extra income. She has $50,000 to invest and can invest in B-rated bonds paying 15% a year or in a certificate of deposit(CDs) paying 7% per year. how much money should be invested in each to relaize exactly $6000 in interest per year?
This question is from textbook
: betsy recquires $6000 per year in extra income. She has $50,000 to invest and can invest in B-rated bonds paying 15% a year or in a certificate of deposit(CDs) paying 7% per year. how much money should be invested in each to relaize exactly $6000 in interest per year?
Answer by checkley77(3624)  (Show Source):
You can put this solution on YOUR website!.15x+.07(50,000-x)=6,000
.15x+3,500-.07x=6,000
.08x=6,000-3,500
.08x=2,500
x=2,500/.08
x=$31,250 Should be invested @ 15%
50,000-31,250=$18,750 Should be invested @ 7%.
Proof:
.15*31,250+.07*18,750=6,000
4.687.50+1,312.50=6,000
6,000=6,000
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