SOLUTION: Bob earned 420 on his investment in bonds and stocks. If his bonds return 2% and his stocks returned 6% and his total investment was 10,000 how much did he invest in
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Question 663587: Bob earned 420 on his investment in bonds and stocks. If his bonds return 2% and his stocks returned 6% and his total investment was 10,000 how much did he invest in Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! Bonds 2.00% per annum ------------- Amount invested =x
Stocks 6.00% per annum ------------ Amount invested = y
10000
Interest----- $420
Bonds 2.00% per annum ---x
Stocks 6.00% per annum ---y
Total investment
x + 1 y= 10000 -------------1
Interest on both investments
2.00% x + 6.00% y= 420
Multiply by 2
2 x + 6 y= 42000.00 --------2
Multiply (1) by -2
we get
-2 x -2 y= -20000.00
Add this to (2)
0 x 4 y= 22000
divide by 4
y = 5500
Bonds 2.00% $ 4500
Stocks 6.00% $ 5500
