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?
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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):
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:
Solve for then calculate
John
My calculator said it, I believe it, that settles it
