Math

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An inheritance of $40,000 is invested in two municipal bonds which pay 6% and 7% simple annual interest. If the annual interest from both bonds is $2,550 how much is invested at each rate?

  • Math -

    Let x be the amount invested in 6% bonds, so 40000-x is the amount in 7%.
    x*0.06+(40000-x)*0.07=2550
    Solve for x.

  • Math -

    25,000 @ 6%
    15,000 @ 7%

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