SOLUTION: You invested $10,400.00 in stocks and bonds, paying 6.4% and 8.3%, respectively. If the total interest earned for the year was $746.00, how much was invested in stocks and how much

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: You invested $10,400.00 in stocks and bonds, paying 6.4% and 8.3%, respectively. If the total interest earned for the year was $746.00, how much was invested in stocks and how much      Log On

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Question 497003: You invested $10,400.00 in stocks and bonds, paying 6.4% and 8.3%, respectively. If the total interest earned for the year was $746.00, how much was invested in stocks and how much was invested in bonds?
Answer by jorel1380(3719) About Me  (Show Source):
You can put this solution on YOUR website!
.083n+.064(10400-n)=746
83n+64(10400-n)=746000
83n+665600-64n=746000
19n=80400
n=4231.58
10400-n=6168.42
You invested $4231.48 at 8.3% and $6168.42 at 6.4%..