The amount invested in stocks is $2600 and the amount invested in bonds is $2100.
The total sum of money I invested is $4700. I invest x in stocks and y in bonds. This can be represented with this equation:
x + y = 4700 equation 1
The total interest I earned is $180. The interest rate on stocks is 4.5% and the interest rate on bonds is 3%. This can be represented with the equation
0.045x + 0.03y = 180 equation 2
These two equations are simultaneous equations and can be solved using the elimination method.
x + y = 4700 equation 1
0.045x + 0.03y = 180 equation 2
The first step is to multiply equation 1 by 0.045
0.045 + 0.045y = 211.50 equation 3
The second step is to subtract equation 2 from 3
31.50 = 0.015y
Divide both sides by y
y = $2100
To determine the value of x, substitute for x in equation 1
x + $2100 = $4700
x = $4700 - $2100
x = $2600
To learn more about simultaneous equations, please check: brainly.com/question/23589883?referrer=searchResults
