SOLUTION: A college has $60,000 to invest in an endowment in order to have an annual income of $5000 for a scholarship. Part of this will be invested in government bonds at 8% and the rema
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Question 46399: A college has $60,000 to invest in an endowment in order to have an annual income of $5000 for a scholarship. Part of this will be invested in government bonds at 8% and the remainder in long-term fixed deposits at 10.5%. How much should be invested in each to provide the required income? Answer by checkley71(8403) (Show Source):
You can put this solution on YOUR website! x*.08+(60000-x).105=5000 or .08x+6300-.105x=5000 or -.025x=-1300 or x=1300/.025 or x=5200 invested @ 8% & 60000-52000=8000 invested @ 10.5%
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