SOLUTION: Your grandmother needs your help. She has $50,000 to invest. Part of this money is to be invested in non-insured bonds paying 15% annual interest. The rest is to be invested in
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: Your grandmother needs your help. She has $50,000 to invest. Part of this money is to be invested in non-insured bonds paying 15% annual interest. The rest is to be invested in
Log On
Question 1038480: Your grandmother needs your help. She has $50,000 to invest. Part of this money is to be invested in non-insured bonds paying 15% annual interest. The rest is to be invested in a government insured certificate of deposit paying 7% annual interest. She requires at least $6000 per year in extra income, but does not want to invest any more than necessary in the riskier 15% investment. How much of the $50,000 should be invested in the 15% investment so that the sum of the interest from the TWO investments will equal $6000? Answer by addingup(3677) (Show Source):
You can put this solution on YOUR website! 0.15x+0.07(50,000-x)= 6,000
0.15x+3,500-0.07x = 6,000
0.08x = 2,500
x = 31,250 needs to be invested at 15%
John
