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Pages:
1 page/≈275 words
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Level:
APA
Subject:
Mathematics & Economics
Type:
Math Problem
Language:
English (U.S.)
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Topic:
Solution to how much a couple should invest (Math Problem Sample)
Instructions:
The question asked for a solution to determine how much the couple should invest in Certificates of Deposit (CDs) yielding 6% and AA bonds yielding 11% to realize a total income of $15,600 per year. The solution provided calculated that they should invest $40,000 in CDs and $120,000 in AA bonds to achieve this income goal. source..
Content:
Solution
Let X= amount invested in Certificates of Deposit(6% per annum)
Let Y= amount invested in AA bonds (11% per annum)
Generate these 2 equations;
1 X + Y= $160,000 ( total amount they have to invest)
2 6%X (0.06X) + 11%Y (0.11Y) = $ 15,600 ( total income they want to realize)
Using Elimination Method
Let's find the value of X from the equations
X= 160,000-Y
Substituting this value of X in the second equation
0.06($160,000 - Y) + 0.11Y = $15,600.
Now, lets find Y;
0.06 * $160,000 - 0.06Y + 0.11Y = $15,600.
$9,600 + 0.05Y = $15,600.
0.05Y = $15,600 - $9,600
0.05Y = $6,000.
Y = $6,000 / 0.05.
Y = $120,0...
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