SOLUTION: Harold invested $30,000 in various stocks and bonds. He earned 6% on his bonds and 12% on his stocks. If Harold's total profit on both types of investments was $2,460, how much of

Question 173699This question is from textbook Algebra 1: A Teaching Textbook
: Harold invested $30,000 in various stocks and bonds. He earned 6% on his bonds and 12% on his stocks. If Harold's total profit on both types of investments was $2,460, how much of the $30,000 did he invest in bonds?
At first I thought this had to have two variables, but I couldn't work it out. I tried adding .06(30,000)x + .12(30,000)2x(because .12 is twice .06) =2460 But the interest rate and the amount invested don't seem related! Please help!
This question is from textbook Algebra 1: A Teaching Textbook

Found 2 solutions by Mathtut, solver91311:
Answer by Mathtut(3670) (Show Source): You can put this solution on YOUR website!
Very good you were very close
:
let the amounts invested in 6% and 12% be x and y respectively
:
this is where you had trouble. We know that x+y=30000...so x=30000-y...lets call that eq 1
:
.06x+.12y=2460.....eq 2
:
now plug in x's value of 30000-y into eq 2
:
.06(30000-y)+.12y=2460
:
1800-.06y+.12y=2460
:
.06y=660
:
invested at 12 %
:
invested at 6%
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
You were going in the right general direction, but got off track just a little.

Let be the amount invested in bonds. Since $30,000 is the total amount invested, must be the amount invested in stocks.

Now we can say that

Solve that for and you will have the answer.

Write back if you need more than this.

Good luck.
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