SOLUTION: A retired couple has $190,000 to invest to obtain annual income. They want some of it invested in safe Certificates of Deposit yielding 7%. The rest they want to invest in AA bonds
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Question 1046954: A retired couple has $190,000 to invest to obtain annual income. They want some of it invested in safe Certificates of Deposit yielding 7%. The rest they want to invest in AA bonds yielding 10% per year. How much should they invest in each to realize exactly $17,200 per year?
Selections:
a. $120,000 at 7% and $70,000 at 10%
b. $130,000 at 7% and $60,000 at 10%
c. $130,000 at 10% and $60,000 at 7%
d. $140,000 at 10% and $50,000 at 7%
Answer by jorel555(1290) (Show Source): You can put this solution on YOUR website!
Let n be the amount invested at 10%. Then:
.1n+.07(190000-n)=17200
.03n+13300=17200
n=130000 invested at 10%; 60000 invested at 7%. ☺☺☺☺
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