SOLUTION: 5) Chucky is interested in investing $45,000 in two separate bonds. Bond A has an interest rate of 4% and Bond B has an interest rate of 15%. If he wants to make $6420 interest on
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: 5) Chucky is interested in investing $45,000 in two separate bonds. Bond A has an interest rate of 4% and Bond B has an interest rate of 15%. If he wants to make $6420 interest on
Log On
Question 1038299: 5) Chucky is interested in investing $45,000 in two separate bonds. Bond A has an interest rate of 4% and Bond B has an interest rate of 15%. If he wants to make $6420 interest on his initial investment, how much money would be in either account? Answer by jorel555(1290) (Show Source):
You can put this solution on YOUR website! Let n be the amount invested at 15%. Then:
.15n+.04(45000-n)=6420
.15n+1800-.04n=6420
.11n=4620
n=4620/.11=$42000 invested at 15%, $3000 invested at 4%!!!!!!!!!!!!
(