SOLUTION: A retiring pilot has $8,600 to invest. He invested part of it in bonds getting 5% interest, and the remainder in mortgage, getting 8% interest. Find the investment at each rate if
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Question 330049: A retiring pilot has $8,600 to invest. He invested part of it in bonds getting 5% interest, and the remainder in mortgage, getting 8% interest. Find the investment at each rate if the total interest in a year is $600. Answer by Fombitz(32388) (Show Source):
You can put this solution on YOUR website! Let A be the amount in bonds, B the amount in mortgage.
1
2.
From eq. 1,
Substitute into eq. 2,
Then from eq. 1,
