SOLUTION: I don't understand how to do this problem; it's not anywhere in my notes:
"John received an inheritance of $80,000. She invested part at 7% and deposited the remainder in tax-free
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-> SOLUTION: I don't understand how to do this problem; it's not anywhere in my notes:
"John received an inheritance of $80,000. She invested part at 7% and deposited the remainder in tax-free
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Question 248227: I don't understand how to do this problem; it's not anywhere in my notes:
"John received an inheritance of $80,000. She invested part at 7% and deposited the remainder in tax-free bonds at 6%. Her total annual income from the investments was $5000. Find the amount invested at 7%." Answer by richwmiller(17219) (Show Source):
You can put this solution on YOUR website! let a= part at 7%
b= part at 6%
b=80000-a
That simple subtraction is the part that throws most people.
7%(a)+6%(b)=5000
6%=.06 read it 6 hundredths
7%=.07 read it 7 hundredths
.07a+.06b=5000
substitute (80000-a) for b in the equation above and solve.
BTW The woman is named John?
John is referred to as her and she.
