Jessica has half of her investments in stock paying a 7% dividend and the other half in a stock paying 13% interest. If her tota
l annual interest is $780, how much does she have invested?
1 answer:
Answer:
$7800
Step-by-step explanation:
The total interest earned can be found by summing the earnings from each of the investments.
<h3>Setup</h3>
Let x represent the total amount invested. Then Jessica's earnings are ...
(x/2)(0.07) +(x/2)(0.13) = 780
<h3>Solution</h3>
Simplifying the equation gives ...
(x/2)(0.07 +0.13) = 780
0.10x = 780
x = 7800 . . . . . . . . divide by 0.10
Jessica has $7800 invested.
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