SOLUTION: I need help working this problem.
1. A combined total of $20,000 is invested in two bonds that pay 8% and 9.5% simple interest. The annual interest is $1675. How much is invested
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Question 157021: I need help working this problem.
1. A combined total of $20,000 is invested in two bonds that pay 8% and 9.5% simple interest. The annual interest is $1675. How much is invested in each bond?
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
.095x+.08(20,000-x)=1,675
.095x+1,600-.08x=1,675
.015x=1,675-1,600
.015x=75
x=75/.015
x=5,000 invested @ 9.5 %.
20,000-5,000=15,000 invested @ 8%.
Proof:
.095*5,000+.08*15,000=1,675
475+1200=1,675
1,675=1,675
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