Question 264607: Hello,
I am in Algebra 100 at American River College. My instructor gave the class homework on a new chapter and I am totally confused
My first question is the following: Mardi received an inheritance of $70,000. She invested part at 7% and deposited the remainder in tax free bonds at 12%. Her total annual income from the investments was $5900. Find the amount invested at 7%. Use the formual I=prt.
I really want to do know how to do it instead of just getting the answer. If you could help that would be great!
Thank you,
Mary Ann
Answer by checkley77(12844)   (Show Source):
You can put this solution on YOUR website! I=PRT
5,900=.12X+.07(70,000-X)1
5,900=.12X+4,900-.07X
5,900-4,900=.12X-.07X
1,000=.05X
X=1,000/.05
X=20,000 AMOUNT INVESTED @ 12%.
70,000-20,000=50,000 AMOUNT INVESTED @ 7%.
PROOF:
5,900=.12*20,000+.07*50,000
5,900=2,400+3,500
5,900=5,900
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