SOLUTION: A $94,000 trust is to be invested in bonds paying 9%, CDs paying 8%, and mortgages paying 10%. The sum of the investments in bonds and CDs must equal the mortgage investment. To ea
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Question 1034079: A $94,000 trust is to be invested in bonds paying 9%, CDs paying 8%, and mortgages paying 10%. The sum of the investments in bonds and CDs must equal the mortgage investment. To earn $8580 annual income from the investments, how much should the bank invest in bonds?
Answer by jorel555(1290) (Show Source): You can put this solution on YOUR website!
If the amount invested in bonds can be represented by x, then let the amount invested in CDs be y, and the amount invested in mortgages by z, then we have
z=x+y
and
.09(x)+.08(y)+.1(x+y)=8580
Assuming the bank is investing the total amount of 94000;then x+y=$47000, or half of the total funds;
.1(47000)=4700
8580-4700=3880
.09x+.08y=3880
x+y=47000
.08x+.08y=3760
.01x=3880-3760=120
x=3880-3760/.01=$12000 invested in bonds,$35000 invested in CDs, and 47000 invested in mortgages!!!!!!
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