Question 973804: Formulate but do not solve the problem.
Kelly Fisher invested a total of $20,000 in two municipal bonds that have yields of 7% and 10% interest per year, respectively. If the interest Kelly receives from the bonds in a year is $1640, how much did she invest in each bond? (Let x and y denote the amount, in dollars, invested at 7% and 10%, respectively.
=20,000
=1640
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Formulate but do not solve the problem.
Kelly Fisher invested a total of $20,000 in two municipal bonds that have yields of 7% and 10% interest per year, respectively. If the interest Kelly receives from the bonds in a year is $1640, how much did she invest in each bond? (Let x and y denote the amount, in dollars, invested at 7% and 10%, respectively.
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Using two variables::
Quantity equation:: x + y = 20,000 dollars
Interest equation::7x + 10y = 164000 dollars
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OR, just using one variable::
7x + 10(20,000-x) = 164000
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Cheers,
Stan H.
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=20,000
=1640
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