SOLUTION: I inherit 10,000. I have to invest it in 2 stocks, one that is 6%, one that is 11 %. How much should I invest to get 700 of interest the first year?
Algebra.Com
Question 509164: I inherit 10,000. I have to invest it in 2 stocks, one that is 6%, one that is 11 %. How much should I invest to get 700 of interest the first year?
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
First I'm going to assume that you meant you inherited 10,000 dollars (as opposed to 10,000 marbles, baseball cards, or some other difficult to evaluate items). We only have the written word with which to communicate, so PLEASE proofread your submissions.
Let 
represent the amount you invest in the 6% stock. Then 
represents the amount invested in the 11% stock. The amount of interest earned in the first year on the 6% stock (presuming simple interest) is then 
and the amount earned on the 11% stock is )
. The sum of these two amounts must be $700.00, so:
\ =\ 700)
Solve for then calculate
John
My calculator said it, I believe it, that settles it
RELATED QUESTIONS
I forget the steps on how to do this problem! My midterm is in a few hours, if you could... (answered by richwmiller,josmiceli)
I forget the steps on how to do this problem! My midterm is in a few hours, if you could... (answered by solver91311)
I forget the steps on how to do this problem! My midterm is in a few hours, if you could... (answered by ankor@dixie-net.com)
You inherit $100,000 and will invest the money in two stocks paying 6% and 11% annual... (answered by ewatrrr)
Formulate a system of equations for the situation below and solve.
A private investment... (answered by mananth,MathTherapy,ikleyn,greenestamps)
Need assistance please. I really don't know what I am doing, and the book only provides... (answered by greenestamps,ikleyn)
A private investment club has $500,000 earmarked for investment in stocks. To arrive at... (answered by Theo)
Sam has $10,000 to invest. He will put the money into 2 accounts,one that earns 10%... (answered by stanbon)
Formulate a system of equations for the situation below and solve.
A private investment... (answered by Theo,MathTherapy)
