SOLUTION: An investor wants to invest $25,000 into two municipal bonds that pay 5.2% and 6% simple interest annually. The investor wants an annual income of $1350. The amount that should be
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-> SOLUTION: An investor wants to invest $25,000 into two municipal bonds that pay 5.2% and 6% simple interest annually. The investor wants an annual income of $1350. The amount that should be
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Question 996833: An investor wants to invest $25,000 into two municipal bonds that pay 5.2% and 6% simple interest annually. The investor wants an annual income of $1350. The amount that should be invested at 5.2% is? Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website! Let = amount invested at 5.2%
Let = amount invested at 6%
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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)
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and
(1)
(1)
(1)
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$18,750 is invested at 5.2%
$6,250 is invested at 6%
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check:
(2)
(2)
(2)
(2)
OK
