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Chapter 3: Q. 199 (page 352)

Vartan was paid $25,000 for a cell phone app that he wrote and wants to invest it to save for his son鈥檚 education. He wants to put some of the money into a bond that pays 4% annual interest and the rest into stocks that pay 9% annual interest. If he wants to earn 7.4% annual interest on the total amount, how much money should he invest in each account?

Short Answer

Expert verified

Money invested in bonds is $8000and money invested in stocks is$17000.

Step by step solution

01

Step 1. Given information

The annual rate in bonds is 4%and in stocks is9%. Total money is$25,000.

02

Step 2. Fining money invested 

Let money invested in bonds be xand invested in stocks be y

Total money get annually is 7.4脳25000=185000

According to the question,

x+y=25000.....(1)4x+9y=185000....(2)

Use substitution method,

x+y=25000.....(1)x=25000-y4x+9y=185000....(2)4(25000-y)+9y=185000100,000-4y+9y=1850005y=85000y=17000鈬�x+y=25000x+17000=25000x=8000

03

Step 3. Verification

Verify the answers as,

x+y=250008000+17000=2500025000=25000

LHS is equal to RHS.

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