SOLUTION: John had $30,000 to invest. He invested part of this money in bonds paying 12% annual simple interest and the rest of the money in a savings account giving 4% annual interest. At t
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Question 825121: John had $30,000 to invest. He invested part of this money in bonds paying 12% annual simple interest and the rest of the money in a savings account giving 4% annual interest. At the end of the year, he received $2,400 as extra income. How much money did John place in each investment? Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! Part I 12.00% per annum ------------- Amount invested =x
Part II 4.00% per annum ------------ Amount invested = y
30000
Interest----- 2400.00
Part I 12.00% per annum ---x
Part II 4.00% per annum ---y
Total investment
x + 1 y= 30000 -------------1
Interest on both investments
12.00% x + 4.00% y= 2400
Multiply by 100
12 x + 4 y= 240000.00 --------2
Multiply (1) by -12
we get
-12 x -12 y= -360000.00
Add this to (2)
0 x -8 y= -120000
divide by -8
y = 15000
Part I 12.00% $ 15000
Part II 4.00% $ 15000
