joan invested some money in bonds at 6% and $8000 less that in stocks at 5% .her total intrest is $1690. how much was invested in stocks?
help please.
Let X be the amount invested in bonds
X - 8000 is invested in stocks.
Interest earned (per year) is
1690 = .06X + .05 (X-8000) = 0.11X - 400
Solve for X, then subtract 8000 from that (for stocks).
Thank you
To find out how much Joan invested in stocks, we can set up an equation based on the given information.
Let's denote the amount Joan invested in stocks as X.
According to the problem, Joan invested $8000 less in stocks than in bonds. Therefore, the amount invested in bonds would be (X + $8000).
The interest earned on the bonds at 6% can be calculated by multiplying the amount invested in bonds by 0.06 (since 6% is equivalent to 0.06). So, the interest earned on bonds would be 0.06 * (X + $8000).
The interest earned on stocks at 5% can be calculated by multiplying the amount invested in stocks by 0.05. So, the interest earned on stocks would be 0.05 * X.
According to the problem, the total interest earned is $1690. Therefore, we can set up the equation:
0.06 * (X + $8000) + 0.05 * X = $1690
To solve this equation, we need to simplify and solve for X.
0.06X + $480 + 0.05X = $1690
0.11X + $480 = $1690
0.11X = $1690 - $480
0.11X = $1210
Now, divide both sides of the equation by 0.11:
X = $1210 / 0.11
X ≈ $11,000
Therefore, Joan invested approximately $11,000 in stocks.