SOLUTION: The amount of money a broker invested in bonds was double of what she invested in a mutual fund. After 1 year, the interest from the bonds was 10% and interest from the mutual fund

Question 1104080: The amount of money a broker invested in bonds was double of what she invested in a mutual fund. After 1 year, the interest from the bonds was 10% and interest from the mutual fund was 8%. If she earned a total interest of $650, how much was each of her investments?
Answer by richwmiller(17219) (Show Source): You can put this solution on YOUR website!
Total yearly interest for the two accounts is: $650
x=2y
0.1*x+0.08*y=650
Substitute for x
0.1*(2y)+0.08*y=650
Multiply out
0.2y+0.08*y=650
Combine like terms.
0.2y+0.08*y=650
0.28*y=650
Isolate y
0.28*y=650
y=650/0.28
y=$2321.42857 at 8%
y rounded off
y=$ 2321.43 at 8%
x=2y
x=2*2321.42857
x=4642.85714+0
x=$4642.85714 at 10%
x rounded off
x=$ 4642.86 at 10%
x=$ 4642.86 at 10%
y=$ 2321.43 at 8%
Check
0.1*4642.85714+0.08*2321.42857=650
464.285714+185.714286=650
650.0=650
If this statement is TRUE and neither x nor y is negative then all is well
codeinttm

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