SOLUTION: 21. A securities broker advised a client to invest a total of $21,000 in bond paying 12% interest and in certificates of deposit paying 5 1/4% interest. The annual income form thes
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-> SOLUTION: 21. A securities broker advised a client to invest a total of $21,000 in bond paying 12% interest and in certificates of deposit paying 5 1/4% interest. The annual income form thes
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Question 860275: 21. A securities broker advised a client to invest a total of $21,000 in bond paying 12% interest and in certificates of deposit paying 5 1/4% interest. The annual income form these investments was $2250. Find out how much he invested at each rate.
If you could solve this problem it would be greatly appreciated! Found 2 solutions by richwmiller, josmiceli:Answer by richwmiller(17219) (Show Source):
You can put this solution on YOUR website! Let = amount invested @ 12%
Let = amount invested @ 5.25%
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(1)
(2)
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(2)
(2)
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Multiply both sides of (1) by
and subtract (1) from (2)
(2)
(1)
and
(1)
(1)
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$17,000 is invested @ 12% and
$4,000 is invested @ 5.25%
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check:
(2)
(2)
(2)
(2)
OK
