Question

Mardi received an inheritance of $94,000. She invested part in an account earning at 5% annual interest and deposited the remainder in tax-free bonds earning 3% annual interest. Her total annual income from the investments was $3548. Find the amount invested at 5% to the nearest dollar.

Answer 1

She invested part in an account earning at 5% annual interest = $36400

Explanation:

Given:

Mardi received an inheritance = $94,000.

She invested part in an account earning at 5% annual interest

deposited the remainder in tax-free bonds earning 3% annual interest.  

Her total annual income from the investments was $3548

To Find:

The amount invested at 5% to the nearest dollar.

Solution:

Let  the amount mardi invested  in an account earning at 5%  be x

Then the remaining amount she deposited in tax-free bonds earning  at 3% annual interest is 94000 - x

So according to question

$\frac{(x\times5\times1)}{100}+\frac{(94000-x)\times3\times1}{100}=3548$

$\frac{5x}{100}+\frac{(94000-x)\times3}{100}=3548$

$\frac{5x+282000-3x}{100}=3548$

$282000+2x=3548\times100$

$282000+2x=354800$

$2x=3548100-28200$

$x=\frac{72800}{2}$

x=36400