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ludmilkaskok [199]
3 years ago
6

A retired woman has $60,000 to invest but needs to make $6,000 a year from the interest to meet certain living expenses. One bon

d investment pays 15% annual interest. The rest of it she wants to put in a CD that pays 7%. If we let x be the amount the woman invests in the 15% bond, how much in dollars will she be able to invest in her CD?
Mathematics
1 answer:
Andrew [12]3 years ago
4 0
Let x be the amount the woman invests in the 15% bond, then the amount she invested in her CD is given by $60,000 - x.

The interest she receives from the 15% bond is given by 0.15x while the interest she receives from the 7% CD is given by 0.07(60,000 - x) = 4,200 - 0.07x

Giving that her total annual interest is $6,000, then

0.15x+4,200-0.07x=6,000 \\  \\ \Rightarrow0.08x=6,000-4,800=1,200 \\  \\ \Rightarrow x= \frac{1,200}{0.08} =$15,000

Therefore, the amount of dollars she will be able to invest in her CD is $60,000 - $15,000 = $45,000
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