posted by Matt .
Betsy, a recent retiree, requires $6000 per year in extra income. She has $47,000 to invest and can invest in B-rated bonds paying 15% per year or in a Certificate of Deposit (CD) paying 6% per year. How much money should be invested in each to realize exactly $6000 in interest per year?
Solve this pair of equations, using algebra:
B + C = 47,000
0.15 B + 0.06 C = 6000
B is the Bond investment and C is the CD investment.