SOLUTION: I invested $2000 more in stocks than in bonds. The bonds paid 7.2% interest and stock paid 6%, yet the income from each was the same. How much annual interest did she recieve? PLEA

Algebra ->  Percentages: Solvers, Trainers, Word Problems and pie charts -> SOLUTION: I invested $2000 more in stocks than in bonds. The bonds paid 7.2% interest and stock paid 6%, yet the income from each was the same. How much annual interest did she recieve? PLEA      Log On


   

Question 123698This question is from textbook Algebra: structure and method: Book 1
: I invested $2000 more in stocks than in bonds. The bonds paid 7.2% interest and stock paid 6%, yet the income from each was the same. How much annual interest did she recieve? PLEASE HELP!!!!!!!! The answer is 1440, but I do not know how to get there. I also need to make a principle x rate = interest chart, so if you could also give me the info, that would be great. This question is from textbook Algebra: structure and method: Book 1

Answer by checkley71(8403) About Me  (Show Source):
You can put this solution on YOUR website!
.072X=.06(X+2000)
.072X=.06X+120
.072X-.06X=120
.012X=120
X=120/.012
X=$10,000 AMOUNT INVESTED @ 7.2%
.072*10,000=$720 INTEREST FOR THE 7.2% INVESTMENT.
.06(10,000+2,000)=.06*12,000=$720 INTEREST FOR THE 6% INTEREST.
720+720=$1,440 TOTAL INTEREST.