Question 186417: a writer received $45,000 as royalty for her book. she invested part of the money in bonds paying 7% interest annually. the rest she invested in a life insurance policy paying 8% interest annually. if the total interest from the investments after 1 year is $3450, how much did she invest in bonds?
Answer by checkley77(12844)   (Show Source):
You can put this solution on YOUR website! .08x+.07(45,000-x)=3,450
.08x+3,150-.07x=3,450
.01x=3,450-3,150
.01x=300
x=300/.01
x=30,000 invested @ 8% insurance policy.
45,000-30,000=15,000 invested @ 7% bonds.
Proof:
.08*30,000+.07*15,000=3,450
2,400+1,050=3,450
3,450=3,450
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