SOLUTION: A combined total of $67,000 is invested in two bonds that pay 3% and 7.5% simple interest. The annual interest is $4,080.00. How much is invested in each bond?
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Question 1171073: A combined total of $67,000 is invested in two bonds that pay 3% and 7.5% simple interest. The annual interest is $4,080.00. How much is invested in each bond? Answer by Solver92311(821) (Show Source):
If a total of monetary units is invested in two different accounts paying percent and simple interest respectively and is the amount invested in one of the accounts, the total amount of interest earned in a year in the two accounts is given by:
Set this equal to the total amount of interest earned, solve for and then calculate
John
My calculator said it, I believe it, that settles it
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