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Question 1109355: maggie won 10,000 in a baking contest and decided to invest her winning in stocks and bonds, where stocks yielded 8% and yielded 6% annual interest. if the total interest she earned at the end of one year was $720, how much did she invest in each?
thanks!
Found 2 solutions by josmiceli, greenestamps:
Answer by josmiceli(19441)   (Show Source):
Answer by greenestamps(13214)  (Show Source):
You can put this solution on YOUR website!
The algebraic solution provided by the other tutor is of course fine; it is the standard method for solving "mixture" problems.
But try this much faster method and see if you like it....
(1) The $720 interest on the $10,000 investment represents a return of 7.2%.
(2) 7.2% is (1.2/2) = 3/5 of the way from 6% to 8%.
(3) So 3/5 of the money was invested at 8%.
Answer: 3/5 of $10,000, or $6000, at 8%; the rest, $4000, at 6%.
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