Ramona divided his 35,000 inheritance between two investments, one paying 9% and the other 12% simple interest. is total annual income on the interest alone was 3,000. How much did he invest at 9%?
if x at 9%, then 35000-x at 12%, so
.09x + .12(35000-x) = 3000
x = 40000
what? Hmmm. Even if the whole 35,000 were invested at only 9%, that would still be $3150 interest. I suspect a typo somewhere.
To find out how much Ramona invested at 9%, we can set up a system of equations based on the given information.
Let's assume Ramona invested $x at a 9% interest rate. Therefore, the amount invested at a 12% interest rate would be $(35,000 - x).
The interest earned from the investment at 9% can be calculated as (0.09x), and the interest earned from the investment at 12% can be calculated as (0.12(35,000 - x)).
According to the information provided, the total annual income from the interest is $3,000. So, we can write the equation:
0.09x + 0.12(35,000 - x) = 3,000
Now, let's solve the equation to find the value of x.
0.09x + 0.12(35,000) - 0.12x = 3,000
0.09x - 0.12x + 4,200 = 3,000
-0.03x = -1,200
x = -1,200 / -0.03
x = 40,000
Therefore, Ramona invested $40,000 at a 9% interest rate.