SOLUTION: A retired couple sold their home. They invested part of the money in home mortgages at 15% interest annually. They invested $20,000 less than this amount into CD's at 9% annnual
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Question 105698: A retired couple sold their home. They invested part of the money in home mortgages at 15% interest annually. They invested $20,000 less than this amount into CD's at 9% annnual interest. How much money did they invest if they recieved $15,000 per year interest from the two investments.
Can you please give me the equation for solving this problem as well as the answers.
Answer by checkley75(3666) (Show Source): You can put this solution on YOUR website!
.15X+.09(X+20,000)=15,000
.15X+.09X+1,800=15,000
.24X=15,000-1,800
.24X=13,200
X=13,200/.24
X=55,000 INVESTED @ 15%.
55,000+20,000=75,000 INVESTED @ 9%.
PROOF
.15*55,000+.09*75,000=15,000
8,250+6,750=15,000
15,000=15,000
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