SOLUTION:
Ernest receives $555 per year from his $7000 investment in municipal and corporate bonds. His municipal bonds pay 6% and his corporate bond pays 9% How much money is invested i
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Question 742512:
Ernest receives $555 per year from his $7000 investment in municipal and corporate bonds. His municipal bonds pay 6% and his corporate bond pays 9% How much money is invested in each type of bond?
Answer by checkley79(3341) (Show Source): You can put this solution on YOUR website!
.09X+.06(7000-X)=555
.09X+420-.06X=555
.03X=555-420
.03X=135
X=135/.03
X=$4,500 IS INVESTED @ 9%.
7000-4500=$2,500 IS INVESTED @6%.
PROOF:
.09*4500+.06*2500=555
405+150=555
555=555
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