Paul has $30000 to invest. His intent is to eam 10 % interest on his investment. He can invest part of his money at 6 % and part at 11 % interest. How much does Paul need to invest in each option to make a total of 10 % return on his $30000? 6 % : $ 11 % : $

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter2: Equations And Inequalities
Section2.3: Models And Applications
Problem 18SE: For exercises 17 and 18, use this scenario: A retired woman has $50,000 to invest but needs to make...
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Paul has $30000 to invest. His intent is to earn 10 % interest on his investment. He can invest part of his money at
6 % and part at 11% interest. How much does Paul need to invest in each option to make a total of 10 % return
on his $30000?
6 % : $
11 % : S
Transcribed Image Text:Paul has $30000 to invest. His intent is to earn 10 % interest on his investment. He can invest part of his money at 6 % and part at 11% interest. How much does Paul need to invest in each option to make a total of 10 % return on his $30000? 6 % : $ 11 % : S
A retired woman has $40,000 to invest but needs to make $5,000 a year from interest to meet certain living
expenses. One bond investment pays 15 % annual interest. The rest of it she wants to put in a CD that pays 8 % .
If we let æ be the amount the woman invests in the 15 % bond, how much will she be able to invest in the CD?
Preview
Set up and solve the equation for how much the woman should invest in each option to sustain $5,000 annual
return. Round to the nearest cent.
Bond: $
CD:
Transcribed Image Text:A retired woman has $40,000 to invest but needs to make $5,000 a year from interest to meet certain living expenses. One bond investment pays 15 % annual interest. The rest of it she wants to put in a CD that pays 8 % . If we let æ be the amount the woman invests in the 15 % bond, how much will she be able to invest in the CD? Preview Set up and solve the equation for how much the woman should invest in each option to sustain $5,000 annual return. Round to the nearest cent. Bond: $ CD:
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