+1495 Help me Please
Mr. Lindle invested his 210,000 retirement funds in two bonds, one yielding 8% and one yielding 10%.
If his total annual income from both investments is 18,300, how much did he invest at each rate?
8%=
10%=
+23253 The income from an investment can be calculated using this formula: Income = (Amount Invested) x (Percentage Rate)
Let x represent the amount of Investment #1 (8%)
Then 210 000 - x represents the amount of Investment #2 (10%)
(Income from Investment #1) + (Income from Investment #2) = Total Income
(Amt Invested x Percentage)1 + (Amt Invested x Percentage)2 = Total Income
[ x · 0.08] + [ (210 000 - x) · 0.10 ] = 18 300
0.08x + 21 000 - 0.10x = 18 300
21 000 - 0.02x = 18 300
- 0.02x = - 2 700
x = 135 000 <--- amount invested at 8%
210 000 - 135 000 = 75 000 <--- amount invested at 10%
