Formulate but do not solve the problem. Kelly Fisher invested a total of $20,000

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Formulate but do not solve the problem.

Kelly Fisher invested a total of $20,000 in two municipal bonds that have yields of 8% and 10% interest per year, respectively. If the interest Kelly receives from the bonds in a year is $1840, how much did she invest in each bond? (Let x and y denote the amount, in dollars, invested at 8% and 10%, respectively.)

5. 0-10.18 points TanFin11 2.1.026 My Notes Formulate but do not solve the problem Kelly Fisher invested a total of $20,000 in two municipal bonds that have yields of 8% and 10% interest per year, respectively. If the interest Kelly receives from the bonds in a year is $1840, how much did she invest in each bond? (Let x and y denote the amount, in dollars, invested at 8% and 10%, respectively.) 20,000 - 1840 Read It Need Help? Master Talk to a Tutor 6. 10.18 points TanFin11 2.1.024. My Notes Formulate but do not solve the problem Michael Perez deposited a total of $2000 with two savings institutions. One pays interest at a rate of 6%/year, whereas the other pays interest at a rate of 7%/year. If Michael earned a total of $134 in interest during a single year, how m uch did he deposit in each institution? Let x and y denote the amount of money, in dollars, invested at 6% and 7%, respectively. 134 -2000 Master Talk to a Tutor

Explanation / Answer

let Kelly Fisher inveested x on plan which pays 8 % interest

thus interest formula = PNR / 100

20000- x invested on 10% interest

total interest he earned = 1840

interst = x * 1* 8/ 100 + (20000-x) *1*10/100 = 1840-----(1)

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let Michale inveested x on plan which pays 6 % interest

thus interest formula = PNR / 100

2000- x invested on 7% interest

total interest he earned = 134

interst = x * 1* 6/ 100 + (2000-x) *1*7/100 = 134 -----(2)

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