SOLUTION: Please solve this word problems for me. I need the algebra equation along with the answer, please. Mardi received an inheritance of $60,000. She invested part at 8% and deposite

Question 6211: Please solve this word problems for me. I need the algebra equation along with the answer, please.
Mardi received an inheritance of $60,000. She invested part at 8% and deposited the remainder in tax-free bonds at 7%. Her total annual income from the investment was $4700. Find the amount invested at 8%.
thanks

Answer by Earlsdon(6294) (Show Source): You can put this solution on YOUR website!
Let x = the amount Mardi invested at 8% and $60,000 - x = the amount invested in the tax-free bonds at 7%.
The interest received from the 8% investment is: 0.08x
The interest received from the tax-free bonds is 0.07($60,000 - x)
The total interest is:
0.08x + 0.07($60,000 - x) = $4,700 Simplify and solve for x.
0.08x + $4,200 - 0.07x = $4,700
0.01x + $4,200 = $4,700 Subtract $4,200 from both sides.
0.01x = $500 Divide both sides by 0.01
x = $50,000 The amount invested at 8%
RELATED QUESTIONS
I need help with my geometry word problems. The problem is: The measure of an angle is (answered by Mathtut,Earlsdon)

I need an equation for this word problem in algebra.....65 miles per hour for a number of (answered by Edwin McCravy)

I have looked at the word problems and I could not find help. I need someone to show me... (answered by stanbon)

3sqrt5(5sqrt3+2sqrt12) i need the steps to this please....along with the answer!... (answered by Fombitz)

Mardi received an inheritance of $60,000. She invested part at an APR of 12 percent and... (answered by richwmiller)

Please help me solve this equation I'm having problems in Algebra 2. I have 4 problems I (answered by stanbon)

Find two consecutive positive integers such that the sum of their squares is 85. [You... (answered by 303795)

I have a problem with algebra word problems. Please help with this one: at the beach 4... (answered by ankor@dixie-net.com,scott8148)

Good Evening, I have several different types of word problems that I don't know how to (answered by greenman)