Question

A combined total of $22,000 is invested in two bonds that pay 3% and 9.5% simple interest. The

annual interest is $1,765.00. How much is invested in each bond?

Answer 1

9514 1404 393

Answer:

• 9.5%: $17,000
• 3.0%: $5,000

Explanation:

Let x represent the amount invested at 9.5%. Then (22000-x) is the amount invested at 3%. The total interest income is ...

0.095x +0.03(22000 -x) = 1765

0.065x = 1105 . . . . . . . . . . . . . . . . subtract 660, simplify

x = 17000 . . . . . . . . . . divide by 0.065

22000 -x = 5000 . . . amount at 3%

$17,000 was invested in the 9.5% bond; $5,000 was invested in the 3% bond.