SOLUTION: Dr.D.Jones has a total of $3000 invested in two stocks. Stock A pays dividends at the rate of 6% and stock B at the rate of 8%. If her dividends from the two stocks total $220 per
Question 159683: Dr.D.Jones has a total of $3000 invested in two stocks. Stock A pays dividends at the rate of 6% and stock B at the rate of 8%. If her dividends from the two stocks total $220 per year, how much did she invest in each stock? ( include let statements and show work ) Answer by ankor@dixie-net.com(22740) (Show Source):
You can put this solution on YOUR website! Dr.D.Jones has a total of $3000 invested in two stocks. Stock A pays dividends at the rate of 6% and stock B at the rate of 8%. If her dividends from the two stocks total $220 per year, how much did she invest in each stock?
:
Let x = amt in B stock (8%)
then
Let (3000-x) = amt in A stock (6%)
:
Write a decimal equiv interest equation:
.08x + .06(3000-x) = 220
:
.08x + 180 - .08x = 220
:
.08x - .06x = 220 - 180
:
.02x = 40
x =
x = $2000 invested in Stock B at 8%
then
3000 - 2000 = $1000 invested in Stock A at 6%
:
:
Check solution in original interest equation
.08(2000) + .06(1000) =
160 + 60 = 220
