SOLUTION: John had $ 30,000 to invest. He invested part of this money in bonds paying 12% annual simple interest and the rest of the money in savings account giving 4% annual interest. At th
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Question 824100: John had $ 30,000 to invest. He invested part of this money in bonds paying 12% annual simple interest and the rest of the money in savings account giving 4% annual interest. At the end of the year, he received $2,400 as extra income. How much money did John place in each investment?
Answer by framos119(1) (Show Source): You can put this solution on YOUR website!
.4x+.12(30000-x)=2400
.04x+.12(30000)-.12x=2400
.04x+3600-.12x=2400
.12x-.04x+3600=2400
.08x+3600=2400
.08x+3600-3600=2400-3600
8x=1200
(8x/8)=1200/8
X=1500
15000-30000=15000
Total invested at .12=$15,000.00
At .04=$15,000.00
15000*.04=$600.00
15000*.12=$1,800.00
$1,800.00+$600.00=$2,400.00
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