SOLUTION: You inherit $18,750 with the stipulation that for the first year the money must be invested in two stocks paying 10% and 12% annual interest, respectively. How much should be inve
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Question 1094130: You inherit $18,750 with the stipulation that for the first year the money must be invested in two stocks paying 10% and 12% annual interest, respectively. How much should be invested at each rate if the total interest earned for the year is to be $2117? Answer by ankor@dixie-net.com(22740) (Show Source):
You can put this solution on YOUR website! You inherit $18,750 with the stipulation that for the first year the money must be invested in two stocks paying 10% and 12% annual interest, respectively.
How much should be invested at each rate if the total interest earned for the year is to be $2117?
:
let x = amt invested at 12%
then
(18750-x) = amt invested at 10%
The equation
.12x + .10(18750-x) = 2117
.12x + 1875 - .10x = 2117
.12x - .10x = 2117 - 1875
.02x = 242
x = 242/.02
x = $12100 invested at 12%
then
18750 - 12100 = $6650 invested at 12%
:
:
:
Check this
.12(12100) = 1452
.10(6650) = 665
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total return: 2117
