Joseph invested 3/4 of his lottery winnings to a corporate bond which gives a simple 8% interest after 1 year, and the rest he invests in another company which gives a 4% interest in 1 year. If the total investment is php700,000; how much is Joseph's lottery winnings?

What does php mean?

philippine peso

To find out how much Joseph's lottery winnings are, we can set up an equation based on the given information.

Let's assume Joseph's lottery winnings are represented by "x" in PHP (Philippine pesos).

According to the given information, Joseph invested 3/4 (or 3 out of 4) of his lottery winnings in a corporate bond at 8% interest for 1 year. This means that he invested (3/4) * x PHP in the corporate bond.

The rest of Joseph's lottery winnings, which is 1/4 (or 1 out of 4) of his total winnings, he invested in another company at 4% interest for 1 year. So, he invested (1/4) * x PHP in the other company.

The sum of Joseph's investments is equal to the total investment, which is 700,000 PHP. Therefore, we have the equation:

(3/4) * x + (1/4) * x = 700,000

To solve this equation, we can simplify it:

(3/4 + 1/4) * x = 700,000
(4/4) * x = 700,000
1 * x = 700,000
x = 700,000

Therefore, Joseph's lottery winnings are 700,000 PHP.