SOLUTION: David split his $25,000.00 inheritance between Fidelity Short-Term Bond with an annual yield of 5% and T.Rowe Price Tax-Free Short Intermediate Fund with an annual yield of 4%. If
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Question 52085This question is from textbook Elementary and Intermediate Algebra
: David split his $25,000.00 inheritance between Fidelity Short-Term Bond with an annual yield of 5% and T.Rowe Price Tax-Free Short Intermediate Fund with an annual yield of 4%. If his total income for one year on the two investments was $1140.00, then how much did he invest in each fund? This question is from textbook Elementary and Intermediate Algebra
You can put this solution on YOUR website! .05X+.04(25000-X)=1140 OR .05X+1000-.04X=1140 OR .01X=1140-1000 OR .01X=140 OR
X=140/.01 OR X=14000 INVESTED @ 5% & 25000-14000=11000 INVESTED @ 4%
PROOF .05*14000+.04*11000=1140 OR 700+440=1140 OR 1140=1140
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