Question 473004: Jakaya received an inheritance of $70,000. She invested part at 8% and deposited the remainder in tax-free bonds at 10%. Her total annual income from the investments was $6000. Find the amount invested at 10%.
Answer by mananth(16946)   (Show Source):
You can put this solution on YOUR website! Investment I 8.00% per annum
Investment II 10.00% per annum
x+y=70000 ------------------------1
8.00%x+10.00%y= $6,000.00
Multiply by 100
8x+10y = $600,000.00 --------2
Multiply (1) by -8
we get
-8x-8y =-560000.00
Add this to (2)
2 y = $40,000.00
divide by 2
y = $20,000.00 investment at 10.00%
Balance $50,000.00 investment at 8.00%
CHECK
$50,000.00 $4,000.00
$20,000.00 $2,000.00
Total $6,000.00
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