SOLUTION: A financial planner wants to invest $8000, some in stocks earning 15% anually and rest in bonds earning 6% annually. How much should be invested at each rate to get a return of $93

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Question 197708This question is from textbook Algebra 2 and Trigonometry
: A financial planner wants to invest $8000, some in stocks earning 15% anually and rest in bonds earning 6% annually. How much should be invested at each rate to get a return of $930 anually from the two investments? This question is from textbook Algebra 2 and Trigonometry

Answer by jcon16(2) About Me  (Show Source):
You can put this solution on YOUR website!
x = amount earning 6% annually.
(8000-x) = amount earning 15% annually
Then we set up our equation which is a sum of the 15% return and the 6% return and we let that sum equal our desired return on investment ($930). Then solve for x.
(8000-x)*.15 + x*.06 = 930
1200 - .15x + .06x = 930
.09x = 270
x = 3000.
Therefore, you should invest $3000 at 6% and $5000 at 15% to earn $930 annually.