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Question 140283: I really need help with this question, I can't figure it out...please.
An artist has sold a painting for $410,000. He needs some of the money in 6 months and the rest in a year. He can get a treasury bond for 6 months at 4.65% and one for a year at 4.91%. His broker tells him the two investments will earn a total of $14,961. How much should be invested at each rate to obtain that amount of interest?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! An artist has sold a painting for $410,000. He needs some of the money in 6 months and the rest in a year. He can get a treasury bond for 6 months at 4.65% and one for a year at 4.91%. His broker tells him the two investments will earn a total of $14,961. How much should be invested at each rate to obtain that amount of interest?
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Let amt. invested at 4.65% for 6 mts be "x": interest will be 0.02325x
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Amt invested at 4.91 will be "410000-x"; interest will be 0.0491(410000-x)
= 20131-0.0491x
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EQUATION:
interest + interest = 14961
0.02325x + 20131 - 0.0491x = 14961
Solve for x.
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Cheers,
Stan H.
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