SOLUTION: Jack inherited $16,000 and invested it in two bonds that pay 6% and 8% annual interest. At the end of one year the interest from the 8% bond was $580 greater than the interest fro

Question 1115138: Jack inherited $16,000 and invested it in two bonds that pay 6% and 8% annual interest. At the end of one year the interest from the 8% bond was $580 greater than the interest from the 6%. How much was invested in each bond?
Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
x + y = 16,000 subtract y from both sides: x = 16,000-y
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0.06x + 580 = 0.08y
0.06x -0.08y = -580 substitute for x:
0.06(16,000-y) - 0.08y = -580
960-0.06y-0.08y = -580
-0.14y = -1540
y = 11,000
$11,000 was invested at 8% and (16,000-11,000 = 5,000) $5,000 was invested at 6%
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Check:
11,000*0.08 = 880
5,000*0.06 = 300
and 880 - 300 = 580, so he made $580 more from the investment at 8%, just like the problem says.

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