SOLUTION: Jesse invested $2000 more in stocks than in bonds. The bonds paid 7.2% interest and the stocks paid 6%. The income from each investment was the same. How much interest did he recie

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Question 60023This question is from textbook Algebra Structure and Method Book 1
: Jesse invested $2000 more in stocks than in bonds. The bonds paid 7.2% interest and the stocks paid 6%. The income from each investment was the same. How much interest did he recieve in all? This question is from textbook Algebra Structure and Method Book 1

Answer by uma(370) About Me  (Show Source):
You can put this solution on YOUR website!
Let jessie invest x$ in stocks.
Then amount invested in bonds = (x+2000)$
Interest from stocks = x(0.072)$
Interest from bonds = (x+2000)(0.06)
AS the income from both the investments are the same,
x(0.072) = (x+2000)(0.06)
==> 0.072x = 0.06x + 2000*(0.06)
==> 0.072x = 0.06x + 120
==> 0.072x - 0.06x = 120
==> 0.012x = 120
==> 0.012x/0.012 = 120/0.012
==> x = 10000$
So the investment in stocks = 10,000 $
Interest from this = 10,000(0.072)
= $720
As the other interest is also $720,
Total interest she received = $720 + $720
= $1440


Good Luck!!!