SOLUTION: Gilbert plans to invest $12,000 into two types of bonds which yield 9% and 11% annually. If he wants to earn a total of $1200 annually, how much should he invest in each bond?
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Question 1072621: Gilbert plans to invest $12,000 into two types of bonds which yield 9% and 11% annually. If he wants to earn a total of $1200 annually, how much should he invest in each bond? Answer by jorel1380(3719) (Show Source):
You can put this solution on YOUR website! Let n be the amount invested at 11%. Then the amount invested at 9% would be 12000-n. So:
.11n+.09(12000-n)=1200
.02n+1080=1200
.02n=120
n=$6000 to be invested at 11%, and another $6000 to be invested at 9%. ☺☺☺☺
