SOLUTION: Mr Jones invests money in stocks that earns a 6% return and bonds that earn a 8% return. He invests three times as much money in stocks as bonds. If he earns $900 annual interest,
Algebra ->
Probability-and-statistics
-> SOLUTION: Mr Jones invests money in stocks that earns a 6% return and bonds that earn a 8% return. He invests three times as much money in stocks as bonds. If he earns $900 annual interest,
Log On
Question 257840: Mr Jones invests money in stocks that earns a 6% return and bonds that earn a 8% return. He invests three times as much money in stocks as bonds. If he earns $900 annual interest, what is the total amount of money invested? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Mr Jones invests money in stocks that earns a 6% return and bonds that earn a 8% return. He invests three times as much money in stocks as bonds. If he earns $900 annual interest, what is the total amount of money invested?
-------------------------------------------------------------------
Equations:
s = 3b
0.06s + 0.08b = 900
------------------------
Substitute for "s" and solve for "b":
0.06*3b + 0.08b = 900
0.18b + 0.08b = 900
0.26b = 900
b = $3461.54 (amount invested in bonds)
--------------
s = 3b = $10384.62 (amount invested in stocks)
==========================
Cheers,
Stan H.
(