SOLUTION: mike invested three times as much money in a bond paying 4% yearly interest as he invested in a bond paying 3% yearly interest. his total yearly interest for both bonds was $240. f
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: mike invested three times as much money in a bond paying 4% yearly interest as he invested in a bond paying 3% yearly interest. his total yearly interest for both bonds was $240. f
Log On
Question 515494: mike invested three times as much money in a bond paying 4% yearly interest as he invested in a bond paying 3% yearly interest. his total yearly interest for both bonds was $240. find the amount invested in each bond... Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! 3.00% per annum ------------- x
4.00% per annum ------------ y= 3 x
total investment - x
Interest----- $240.00
3.00% x + 4.00% * 3 x = $240.00
0.03 x + 0.04 * 3 x = $240.00
0.03 x + 0.12 x = $240.00
0.15 x = $240.00
/ 0.15
x= $1,600.00
3 x = $4,800.00
