SOLUTION: Last year Joe Raintree invested $300 more in a stock paying a 6% dividend than he did in a stock paying a 5% dividend. That year he earned $43 more in dividends from the stock payi
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-> SOLUTION: Last year Joe Raintree invested $300 more in a stock paying a 6% dividend than he did in a stock paying a 5% dividend. That year he earned $43 more in dividends from the stock payi
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Question 384350: Last year Joe Raintree invested $300 more in a stock paying a 6% dividend than he did in a stock paying a 5% dividend. That year he earned $43 more in dividends from the stock paying the higher dividend. How much did he invest in each stock? Answer by ankor@dixie-net.com(22740) (Show Source):
You can put this solution on YOUR website! Last year Joe Raintree invested $300 more in a stock paying a 6% dividend
than he did in a stock paying a 5% dividend.
That year he earned $43 more in dividends from the stock paying the higher dividend.
How much did he invest in each stock?
:
Let x = amt invested in 5% stock
then
(x+300) = amt invested in 6%
:
.06(x+300) = .05x + 43
.06x + 18 = .05x = 43
.06x - .05x = 43 - 18
.01x = 25
x =
x = $2500 in vested at 5%
then, obviously:
$2800 invested at 6%
:
:
See if that is true
.06*2800 = 168
.05*2500 = 125
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dividend dif: 43
