SOLUTION: A retired couple has $160,000 to invest to obtain annual income. They want some of it invested in safe certificates of deposit yielding 6%. The rest they want to invest in AA bon
Algebra ->
Customizable Word Problem Solvers
-> Mixtures
-> SOLUTION: A retired couple has $160,000 to invest to obtain annual income. They want some of it invested in safe certificates of deposit yielding 6%. The rest they want to invest in AA bon
Log On
Question 593732: A retired couple has $160,000 to invest to obtain annual income. They want some of it invested in safe certificates of deposit yielding 6%. The rest they want to invest in AA bonds, yielding 11% per year. How much should they invest in each to realize exactly $15,600 per year? Answer by mananth(16946) (Show Source):
6.00% x + 11.00% y= 15600
Multiply by 100
6 x + 11 y= 1560000.00 --------2
Multiply (1) by -6
we get
-6 x -6 y= -960000.00
Add this to (2)
0 x 5 y= 600000
divide by 5
y = 120000
Certificates 11.00% $ 120000
AA bond 6.00% $ 40000
