Problema Solution
betsy requires$6,000 per year in extra income. she has $70,000 to invest and can invest in B rated bonds paying 15% per year or in a certificate of deposit paying 7% per year. How much money should be invested in each to realize exactly $6,000 in interest per year?
Answer provided by our tutors
2 equations become
x + y =70000
0.15x + 0.07y = 6000
Solving we get
x (at 15%) = $13750
y (at 7%) = $56250