Question

5. Kelly Fisher has a total of $30,000 invested in two municipal bonds that have yields of 8% and 10% interest per year, respectively. If the interest Kelly receives from the bonds in a year is $2640, how much does she have invested in each bond

Answer 1

Answer:

$18,000

$12,000

Explanation:

The formula for simple interest = (P x R × T ) / 100

P = principal

R = interest rate

T = time

Let x = amount invested in the bond thay yields 8%

And y = amount invested in the bond thay yields 10%

We know that

X + y = $30,000

And

0.08X + 0.10y = $2640

We have to solve for x and y using simultaneous equation

Make y the subject of the formula in the first equation

Y = $30,000 - x

Substitute for y in the second equation:

0.08x + 0.10 ($30,000 - x ) = $2640

0.08x + 3,000 - 0.10x = $2640

Collect like terms and solve for x

-0.02×=$-360

× = $18,000

Substitute for x in the first equation , y = $12,000

I hope my answer helps you

Answer 2

Kelly have invested in each bond :

The formula for simple interest = (P x R × T ) / 100

• P = principal
• R = interest rate
• T = time

Let x = amount invested in the bond that yields 8%.

Let y = amount invested in the bond that yields 10%.  

Given Information:

         X + y = $30,000

                and

      0.08X + 0.10y = $2640

Solve for x and y using simultaneous equation.

Making y the subject of the formula in the first equation.

            Y = $30,000 - x

Substitute for y in the second equation:

• 0.08x + 0.10 ($30,000 - x ) = $2640
• 0.08x + 3,000 - 0.10x = $2640

Collect like terms and solve for x

• -0.02×=$-360

• × = $18,000

Substitute for x in the first equation , y = $12,000

Kelly have invested $12,000 in each bond.

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