SOLUTION: A total of $15,000 is invested in two corporate bonds that pay 5% and 7% simple annual interest. The investor wants to earn $880 in interest per year from the bonds. How much shoul
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-> SOLUTION: A total of $15,000 is invested in two corporate bonds that pay 5% and 7% simple annual interest. The investor wants to earn $880 in interest per year from the bonds. How much shoul
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Question 411848: A total of $15,000 is invested in two corporate bonds that pay 5% and 7% simple annual interest. The investor wants to earn $880 in interest per year from the bonds. How much should be invested in each bond? Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! 5% --------x
7% --------15000-x
...
Interest = 880
5x+7(15000-x)=880*100
5x+105000-7x=88000
-2x=-17000
/-2
x=8500 at 5%
balance at7%
