Jorge purchased municipal bonds yielding 6% annually and certificates of deposit yielding 8% annually. If Jorge's investments total $9000 and his annual income is invested in bonds and how much is invested in certificates of deposit?
How would I set up an equation and solve the problem?
Thanks
How would I set up an equation and solve the problem?
Thanks
-
Let x be the value of 6% bonds and y be the value of 8% CDs.
1) x + y = 9000 or x = 9000 - y
2) 0.06x + 0.08y = ?
You must know the total income from these investments to solve the problem. If you know this, substitute eq(1) into eq(2) then solve for y. Take that result and plug into eq(1) to find x.
- .--
1) x + y = 9000 or x = 9000 - y
2) 0.06x + 0.08y = ?
You must know the total income from these investments to solve the problem. If you know this, substitute eq(1) into eq(2) then solve for y. Take that result and plug into eq(1) to find x.
- .--