Problema Solution
Mardi received an inheritance of $70,000. She invested part at 9% and deposited the remainder in tax-free bonds at 7%. Her total annual income from the investments was $6100. Find the amount invested at 9%.
Answer provided by our tutors
Let
x = the amount Mardi invested at 9%
$70,000 - x = the amount invested in the tax-free bonds at 7%
The interest received from the 9% investment is: 0.09x
The interest received from the tax-free bonds is: 0.07(70,000 - x)
The total interest is:
0.09x + 0.07(70,000 - x) = 6100
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click here to see the equation solved for x
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x = $60,000
The amount invested at 9% was $60,000.