Math question

Question

A financial planner wants to invest $8,000, some in high stocks earning 15% annually and the rest in a safer mutual funds earning 6% annually. How much should be invested at each rate to get a return of $930 annually fron the two investments

Answer 1

a + b = 8000

.15a + .06b = 930

 

a = 8000 - b (or b = 8000 - a)

.15(8000 - b) + .06b = 930

 

Solve for b, then plug your answer into the first equation and solve for a.