SOLUTION: mike invested three times as much money in a bond paying 4% yearly interest as he invested in a bond paying 3% yearly interest. his total yearly interest for both bonds was $240. f

Question 515494: mike invested three times as much money in a bond paying 4% yearly interest as he invested in a bond paying 3% yearly interest. his total yearly interest for both bonds was $240. find the amount invested in each bond...
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
3.00% per annum ------------- x
4.00% per annum ------------ y= 3 x
total investment - x
Interest----- $240.00

3.00% x + 4.00% * 3 x = $240.00
0.03 x + 0.04 * 3 x = $240.00
0.03 x + 0.12 x = $240.00
0.15 x = $240.00
/ 0.15
x= $1,600.00
3 x = $4,800.00

CHECK
$48.00 + $192.00 = $240.00
m.ananth@hotmail.ca

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