SOLUTION: Bob earned 420 on his investment in bonds and stocks. If his bonds return 2% and his stocks returned 6% and his total investment was 10,000 how much did he invest in
Algebra.Com
Question 663587: Bob earned 420 on his investment in bonds and stocks. If his bonds return 2% and his stocks returned 6% and his total investment was 10,000 how much did he invest in
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Bonds 2.00% per annum ------------- Amount invested =x
Stocks 6.00% per annum ------------ Amount invested = y
10000
Interest----- $420
Bonds 2.00% per annum ---x
Stocks 6.00% per annum ---y
Total investment
x + 1 y= 10000 -------------1
Interest on both investments
2.00% x + 6.00% y= 420
Multiply by 2
2 x + 6 y= 42000.00 --------2
Multiply (1) by -2
we get
-2 x -2 y= -20000.00
Add this to (2)
0 x 4 y= 22000
divide by 4
y = 5500
Bonds 2.00% $ 4500
Stocks 6.00% $ 5500
CHECK
4500 --------- 2.00% ------- 90.00
5500 ------------- 6.00% ------- 330.00
Total -------------------- 420.00
m.ananth@hotmail.ca
RELATED QUESTIONS
Harold invested $30,000 in various stocks and bonds. He earned 6% on his bonds and 12% on (answered by checkley77)
John invested $30k in various stocks & bonds. He earned 6% on his bonds
and 12% on his... (answered by ikleyn)
Mr.walker invested 30,000 in stocks and bonds and had a total return of $2880 in one year (answered by stanbon)
Stu has twice as much money invested in stocks as in bonds. Stocks earned 8% interest per (answered by checkley71)
Please help me solve this word problem:
Stu has twice as much money invested in stocks (answered by checkley77)
Erwin invested $120,000 in stocks and bonds. If he made a 20% profit on his stocks and a... (answered by Boreal)
john has twice as much money invested in stocks as in bonds. Stocks earn 8% interest each (answered by mananth)
A man would like to invest P 50,000 in government bonds and stocks that will give an... (answered by CPhill)
Timmy has three times as much money invested at 5% bonds as he has in stocks paying 7%.... (answered by jorel555)