Problema Solution
Mardi received an inheritance of $70,000. She invested part at 7% and deposited the remainder in tax-free bonds at 12%. Her total annual income from the investments was $5900. Find the amount invested at 7%.
Answer provided by our tutors
I=PRT
5,900=.12X+.07(70,000-X)1
5,900=.12X+4,900-.07X
5,900-4,900=.12X-.07X
1,000=.05X
X=1,000/.05
X=20,000 AMOUNT INVESTED @ 12%.
70,000-20,000=50,000 AMOUNT INVESTED @ 7%.
PROOF:
5,900=.12*20,000+.07*50,000
5,900=2,400+3,500
5,900=5,900