Wes invested $30,000 in two different types of bonds. The first type earned 5% and the second type earned 8%. If the profit (interest) on the 8% bonds was $840 more than the profit (interest) on the 5% bonds, how much did Wes invest in the 5% bonds?
+37103 x = amount at 8%
30,000 - x = amount at 5%
x(.08) - 840 = (30,000 - x)(.05) Solve for 'x' and '30,000 - x'
18,000? cuz that's not the answer.... That may be how much he invested in the 8% bonds. We're trying to figure out how much he invested in the 5% bonds.
Oh yeah, the answer is 12,000. Thanks though!
+33653 N5 + N8 = 30000
0.08*N8 - 0.05*N5 = 840. Replace N8 using the above:
0.08*(30000 - N5) - 0.05*N5 = 840
0.13*N5 = 30000 - 840
N5 = (30000 - 849)/0.13
N5 = $12000
