SOLUTION: Mardi received an inheritance of $60,000. She invested part at an APR of 12 percent and deposited the remainder in tax-free bonds at an APR of 10 percent. Her total annual income f
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: Mardi received an inheritance of $60,000. She invested part at an APR of 12 percent and deposited the remainder in tax-free bonds at an APR of 10 percent. Her total annual income f
Log On
Question 977237: Mardi received an inheritance of $60,000. She invested part at an APR of 12 percent and deposited the remainder in tax-free bonds at an APR of 10 percent. Her total annual income from the investments was $6600. Find the amount invested at 12 percent.
I have tried to build the equation for this problem, however I don't think it's right. Here is what I have so far.
x = amount invested at 12%
y= amount invested at 10%
x + y = 60000
.12(60000 -x) + .10(60000 -y) = 6600
please let me know if my equation is wrong. if so what should my equation look like? Answer by richwmiller(17219) (Show Source):
You can put this solution on YOUR website! Close but not quite
Total amount of money invested: $60000
x+y=60000,
Total yearly interest for the two accounts is: $6600
0.12*x+0.1*y=6600
x=60000-y
Substitute for x
0.12*(60000-y)+0.1*y=6600
Multiply out
7200-0.12*y+0.1*y=6600
Combine like terms.
-0.02*y=-600
Isolate y
y=$ 30000.00 at 10% earns $3000 interest
x=60000-y
Calculate x
x=$ 30000.00 at 12% earns $3600 interest
Check
0.12*30000+0.1*30000=6600
3600+3000=6600
6600=6600
If 6600=6600 is TRUE and neither x nor y is negative then all is well
codeint1
