document.write( "Question 1151856: You have $500,000 in an IRA (Individual Retirement Account) at the time you retire. You have the option of investing this money in two funds: Fund A pays 4.2% annually and Fund B pays 6.7% annually. How should you divide your money between Fund A and Fund B to produce an annual interest income of $28,500? \n" ); document.write( "

Algebra.Com's Answer #773713 by ikleyn(52780) $\"\"$ $\"About$

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document.write( "0.042x + 0.067(500000-x) = 28500.\r\n" );
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document.write( "x =  = 200000.\r\n" );
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document.write( "ANSWER.  $200000 at 4.2% and the rest $300000 at 6.7%.\r\n" );
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document.write( "CHECK.   0.042*200000 + 0.067*300000 = 2,500  dollars.   ! Precisely correct !\r\n" );
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\n" ); document.write( "\n" ); document.write( "It is a standard and typical problem on investments.\r
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\n" ); document.write( "\n" ); document.write( "If you need more details, or if you want to see other similar problems solved by different methods, look into the lesson \r
\n" ); document.write( "\n" ); document.write( " - Using systems of equations to solve problems on investment\r
\n" ); document.write( "\n" ); document.write( "in this site.\r
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\n" ); document.write( "\n" ); document.write( "You will find there different approaches (using one equation or a system of two equations in two unknowns), as well as
\n" ); document.write( "different methods of solution to the equations (Substitution, Elimination).\r
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\n" ); document.write( "\n" ); document.write( "Also, you have this free of charge online textbook in ALGEBRA-I in this site\r
\n" ); document.write( "\n" ); document.write( " - ALGEBRA-I - YOUR ONLINE TEXTBOOK.\r
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\n" ); document.write( "\n" ); document.write( "The referred lesson is the part of this online textbook under the topic \"Systems of two linear equations in two unknowns\".\r
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\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "Save the link to this online textbook together with its description\r
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\n" ); document.write( "\n" ); document.write( "Free of charge online textbook in ALGEBRA-I
\n" ); document.write( "https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson\r
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\n" ); document.write( "\n" ); document.write( "to your archive and use it when it is needed.\r
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