SOLUTION: You have ​$500,000 in an IRA​ (Individual Retirement​ Account) at the time you retire. You have the option of investing this money in two​ funds: Fund A pay

Algebra ->  Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> SOLUTION: You have ​$500,000 in an IRA​ (Individual Retirement​ Account) at the time you retire. You have the option of investing this money in two​ funds: Fund A pay      Log On


   

Question 1067658: You have ​$500,000 in an IRA​ (Individual Retirement​ Account) at the time you retire. You have the option of investing this money in two​ funds: Fund A pays 2.7​% annually and Fund B pays 7.7​% annually. How should you divide your money between Fund A and Fund B to produce an annual interest income of ​$30,000​?
Answer by solver91311(24713) About Me  (Show Source):
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A person has currency units invested in 2 accounts.

One account earns percent interest, and the other account earns percent interest.

The two accounts earn a total of interest in one year.

How much is invested in each account?

Let be the amount invested at percent. Then the amount invested at percent is , and:



Solve for , then calculate

John

My calculator said it, I believe it, that settles it