SOLUTION: A city government built a $60 million sports arena. Some of the money was raised by selling bonds that pay simple interest at a rate of 13% annually. The remaining amount was obtai
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: A city government built a $60 million sports arena. Some of the money was raised by selling bonds that pay simple interest at a rate of 13% annually. The remaining amount was obtai
Log On
Question 122002This question is from textbook algebra and trigonometry with analiytic geometry
: A city government built a $60 million sports arena. Some of the money was raised by selling bonds that pay simple interest at a rate of 13% annually. The remaining amount was obtained by borrowing money from an insurance company at a simple interest rate of 10%. How much was financed through the insurance company if the annual interest is $6.78 million?
Please round your answer to the nearest $million. This question is from textbook algebra and trigonometry with analiytic geometry
You can put this solution on YOUR website! .13*x+.10(60-x)=6.78
.13x+6-10x=6.78
.03x=6.78-6
.03x=.78
x=.78/.03
x=26 million invested @ 13%.
60-26=34 million invested with the insurance co. @10%.
proof
.13*26+.10*34=6.78
3.38+3.4=6.78
6.78=6.78
(