SOLUTION: Martin purchased minimal bonds which yield 8% annually and certificates of deposit which yields 10% annually. If Martin's initial investments amount to $9000 and the annual income
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Question 715849: Martin purchased minimal bonds which yield 8% annually and certificates of deposit which yields 10% annually. If Martin's initial investments amount to $9000 and the annual income is $760, how much money is invested in the bonds and how much is invested in certificates of deposit? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Martin purchased minimal bonds which yield 8% annually and certificates of deposit which yields 10% annually. If Martin's initial investments amount to $9000 and the annual income is $760, how much money is invested in the bonds and how much is invested in certificates of deposit?
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Equation:
interest + interest = interest
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0.08x + 0.10(9000-x) = 760
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Multiply thru by 100:
8x + 10*9000 - 10x = 76000
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-2x = -14000
x = $7000 (amt. invested at 8%)
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9000-x = $2000 (amt. invested at 10%)
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Cheers,
Stan H.
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