SOLUTION: A total of $22,000 is invested in two corporate bonds that pay 3.5% and 5% simple interest. The investor wants an annual interest income of $890 from the investments. What amount s
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Question 513925: A total of $22,000 is invested in two corporate bonds that pay 3.5% and 5% simple interest. The investor wants an annual interest income of $890 from the investments. What amount should be invested in the 3.5% bond?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
A total of $22,000 is invested in two corporate bonds that pay 3.5% and 5% simple interest. The investor wants an annual interest income of $890 from the investments. What amount should be invested in the 3.5% bond?
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Equations:
Quantity Eq. ::::x + y = 22000
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Interest Eq. ::: 0.035x + 0.05y = 890
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Multiply thru Quantity by 500
Multiply thru Value by 1000
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50x + 50y = 50*22000
35x + 50y = 1000*890
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15x = 210,000
x = $14,000 (amt. invested at 3.5%)
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Cheers,
Stan H.
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