SOLUTION: you plan to invest $40,000 in two funds paying 4.5% and 6% simple interest. your goal is to obtain a total annual interest income of $2265. how much must you invest in each fund?
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Question 372164: you plan to invest $40,000 in two funds paying 4.5% and 6% simple interest. your goal is to obtain a total annual interest income of $2265. how much must you invest in each fund?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
0.045x+0.06(40000-x)=2265
0.045x+2400-0.06x=2265
-0.015x=-135
x=9000 at 0.045
40000-x=31000 at 0.06
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