SOLUTION: A combined total of $51,000 is invested in two bonds that pay 1% and 8% simple interest. The annual interest is $2,890.00. How much is invested in each bond? The amount invested

Question 1160429: A combined total of $51,000 is invested in two bonds that pay 1% and 8% simple interest. The annual interest is $2,890.00. How much is invested in each bond?
The amount invested at 1% is $ .
The amount invested at 8% is $ .
Answer by ikleyn(52803) (Show Source): You can put this solution on YOUR website!
.


0.01*x + 0.08*(51000-x) = 2890.


x =  = 17000.


ANSWER.  $17000 invested at 1%.  The rest, 51000-17000 = 34000 dollars invested at 8%.

Solved.

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It is a standard and typical problem on investments.

If you need more details, or if you want to see other similar problems solved by different methods, look into the lesson
- Using systems of equations to solve problems on investment
in this site.

You will find there different approaches (using one equation or a system of two equations in two unknowns), as well as
different methods of solution to the equations (Substitution, Elimination).

Also, you have this free of charge online textbook in ALGEBRA-I in this site
- ALGEBRA-I - YOUR ONLINE TEXTBOOK.

The referred lesson is the part of this online textbook under the topic "Systems of two linear equations in two unknowns".

Save the link to this online textbook together with its description

Free of charge online textbook in ALGEBRA-I
https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson

to your archive and use it when it is needed.

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