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math question ?
Betsy, A recent retiree, requires $5000 per year in extra income. She has $60,000 to invest in can invest in B-rated Bonds paying 13% per year or in a certificate of deposit (CD) paying 3% per year. how much money should be invested in each to realize exactly $5000 in interest per year?
The amount of money invested at 13%-
The amount of money invested at 3%-
1 Answer
- fcas80Lv 71 month ago
Let x = amount invested in bonds. Then 60000 - x is invested in CDs.
5000 = .13x + .03(60000 - x).
5000 = .13x + 1800 - .03x
3200 = .10x
x = 32000, 60000 - x = 28000.
