Question 85560: Suppose that $18,000 is invested in two types of bonds for one year. part of the money is invested in a high-risk, high-growth fund that earned 24% annual interest. The rest is invested in a safe fund that earned 5% annual interest. If $2320 in interest is earned, how much was invested in each account?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Suppose that $18,000 is invested in two types of bonds for one year. part of the money is invested in a high-risk, high-growth fund that earned 24% annual interest. The rest is invested in a safe fund that earned 5% annual interest. If $2320 in interest is earned, how much was invested in each account?
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24% investment DATA:
Amount = x dollars; amt of interest = 0.24x dollars
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5% investment DATA:
Amount = 18000-x ; amt of interest = 0.05(18000-x)= 900-0.05x dollars
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EQUATION:
interest + interest = interest
0.24x + 900 - 0.05x = 2320
Multiply thru by 100 to get:
24x + 90000 - 5x = 232000
19x = 142000
x= $7473.68
18000-x=$10,526.32
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Chers,
Stlan H.
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