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Question 334382: Arlene purchased some municipal bonds yielding 7% annually and some certificates of deposit yielding 9% annually. If Arlene's investment amounts to $11,000 and the annual income is $810, how much money is invested in bonds and how much is invested in certificates of deposit? I also wanted to say thank you very much for helping me out with my algebra and its my first time doing this. And my name is Stuart.
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Arlene purchased some municipal bonds yielding 7% annually and some certificates of deposit yielding 9% annually.
If Arlene's investment amounts to $11,000 and the annual income is $810, how much money is invested in bonds and how much is invested in certificates of deposit?
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Quantity Equation: x + y = 11000
Income Equation::0.07x+0.09y = 810
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Multiply thru the Quantity Equation by 7
Multiply thru the Income Equation by 100
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7x + 7y = 77000
7x + 9y = 81000
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Subtract 1st from 2nd and solve for "y":
2y = 4000
y = $2000 (amt. invested in 9% CD's)
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Cheers,
Stan H.
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