SOLUTION: A total of $15,000 is invested in two corporate bonds that pay 5% and 7% simple annual interest. The investor wants to earn $880 in interest per year from bonds. How much should b
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Question 255130: A total of $15,000 is invested in two corporate bonds that pay 5% and 7% simple annual interest. The investor wants to earn $880 in interest per year from bonds. How much should be invested in each bond?
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
.07X+.05(15,000-X)=880
.07X+750-.05X=880
.02X=880-750
.02X=130
X=130/.02
X-6,500 IS INVESTED @ 7%.
15,000-6,500=8,500 IS INVESTED @ 5%
PROOF:
.07*6,500+.05*8,500=880
455+425=880
880=880
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