SOLUTION: mardi received an inheritance of $60,000. She invested part at 11% and deposited the remainder in tax-free bonds at 8%. Her totak income from the investments was 6000. Find the amo

Question 383412: mardi received an inheritance of $60,000. She invested part at 11% and deposited the remainder in tax-free bonds at 8%. Her totak income from the investments was 6000. Find the amount invested at 11%
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
mardi received an inheritance of $60,000. She invested part at 11% and deposited the remainder in tax-free bonds at 8%. Her totak income from the investments was 6000. Find the amount invested at 11%
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Quantity Equation: x + y = 60000
Interest Equation:0.11x + 0.08y = 6000
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Multiply thru 1st by 8
Multiply thru 2nd by 100
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8x + 8y = 8*60,000
11x + 8y = 600,000
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Subtract and solve for "x":
3x = 120000
x = 40,000 (amt. invested at 11%
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Cheers,
Stan H.
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