Word Problems

Question

a writer received $41000 as royalty for her book. She invested part of the money in bonds paying 7% interest annually. The rest she invested in a life insurance policy paying 9% interest annually. If the total interest form the investments after 1 year is paying $3470, how much did she invest in bonds?

Answer 1

.07 x  +  .09 (41000 -x) = 3470

 

.07 x + 3690 - .09x = 3470

 

-.02 x = -220

 

x= -220/-.02

 

x = 11000

 

so invest 11,000 in the 7% and (41000-11000) which is 30000 in the 9%