Question 789255: Jorge purchased municipal bonds which yield 6% annually and certificates of deposit which yield 8% annually. If Jorge’s initial investments amount to $11,000 and the annual income is $720, how much money is invested in bonds?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Jorge purchased municipal bonds which yield 6% annually and certificates of deposit which yield 8% annually. If Jorge’s initial investments amount to $11,000 and the annual income is $720, how much money is invested in bonds?
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Using one variable:
Equation:
int + int = int
0.06x + 0.08(11,000-x) = 720
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6x + 88000 - 8x = 72000
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-2x = -16000
x = $8000 (amt. invested at 6%)
11000 -x = $3000 (amt invested at 8%)
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Cheers,
Stan H.
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