A total of $12,000 was invested in two types of bonds. One pays 8% simple interest while the other pays 10.5%. Last year, the annual interest eared on the two investments was $1.145. How much was invested at each rate ?

A total of $12,000 was invested in two types of bonds. One pays 8% simple interest while the other pays 10.5%. Last year, the annual interest eared on the two investments was $1.145. How much was invested at each rate ?

Elementary Algebra

17th Edition

ISBN:9780998625713

Author:Lynn Marecek, MaryAnne Anthony-Smith

Publisher:Lynn Marecek, MaryAnne Anthony-Smith

Chapter3: Math Models

Section3.3: Solve Mixture Applications

Problem 3.65TI: Remy has $14,000 to invest in two mutual funds. One fund pays interest at 4% per year and the other...

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