SOLUTION: Investing A Bonus
A business man invested part of his $40,000 end of year bonus in an international fund that paid an annual yield of 8%. The rest of the bonus was invested in
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: Investing A Bonus
A business man invested part of his $40,000 end of year bonus in an international fund that paid an annual yield of 8%. The rest of the bonus was invested in
Log On
Question 168538: Investing A Bonus
A business man invested part of his $40,000 end of year bonus in an international fund that paid an annual yield of 8%. The rest of the bonus was invested in an off shore bank that paid an annual yield of 9%. Find the amount of each investment if he made a total of $3415 in interest from the first year. Answer by Mathtut(3670) (Show Source):
You can put this solution on YOUR website! lets call x the amount invested at 8%
and 40000-x the amount invested at 9%
:
those 2 amounts invested multiplied by their perspective interest rates equal the amount of interest made which is 3415
so .08x+.09(40000-x)=3415
.08x+3600-.09x=3415
185=.01x
amount invested at 8% amount invested at 9%
(