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Chapter 2: Q. 264 (page 165)

264. Vartan was paid \(\$ 25,000\) for a cell phone app that he wrote and wants to invest it to save for his son's 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

Therefore the amount invested at $4 \%$ interest is $\$ 8000$ and amount invested at $9 \%$ interest is $\$ 17000$.

Step by step solution

01

Given infromation

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.

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