SOLUTION: Denise inherited 60k. She invested part at 7% and deposited the remainder in tax free bonds at 8%. Her total annual income from the investments was 4400. Find the amount at 7%
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Question 32398: Denise inherited 60k. She invested part at 7% and deposited the remainder in tax free bonds at 8%. Her total annual income from the investments was 4400. Find the amount at 7% Answer by mukhopadhyay(490) (Show Source):
You can put this solution on YOUR website! Assume Denise invested x dollars at 7%.
So, (60000-x) dollars was invested at 8%
Interest from both of these investments = 4400
=> 7% of x + 8% of (60000-x) = 4400
=> .07x + 4800 - .08x = 4400
=> .01x = 400
=> x = 40000
Answer: $40,000 was invested at 7%
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