Concept explainers
To find:the amount of investment in stocks and bonds so that the return of $930 annually from two investments.
Answer to Problem 11P
The amount of investment in stocks and bonds are $5000 and $3000, respectively.
Explanation of Solution
Given information:
Some stocks earning 15% annually and the rest in bonds earning 6% annually.
The total investment amount is $8000.
Calculation:
Let x bethe amount invested in stocks and y be the amount invested in the bonds.
The amount of total investment is $8000. That is,
Since some stocks earning 15% annually and the rest in bonds earning 6% annually.
Compute the solutions of the system
Multiply the equation
Subtract the equations
Divide on both sides by9,
Substitute
Therefore, the amount of investment in stocks and bonds are $5000 and $3000, respectively.
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Algebra and Trigonometry: Structure and Method, Book 2
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