SOLUTION: Dr. Blumen invested $5000. Part of it was invested in bonds at a rate of 6% and the rest was invested in a money market at a rate of 7.5%. if the annual interest is $330, how much
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Question 354013: Dr. Blumen invested $5000. Part of it was invested in bonds at a rate of 6% and the rest was invested in a money market at a rate of 7.5%. if the annual interest is $330, how much did she invest in bonds? Answer by mananth(16949) (Show Source):
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Amount invested = $5000
let $x be invested at 6%
5000-x @ 7.5%
Interest = $330
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Interest equation
0.06x+.075(5000-x)=330
0.06x+375-0.075x=330
-0.015x=-45
x=-45/-0.015
x= $3000 at 6%
Balance $2000 at 7.5%
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C H E C K
3000*0.06+2000*0.075 = 330
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m.ananth@hotmail.ca
