Sam invests $6000 in treasury notes and bonds. The notes pay 8% annual interest and the bonds pay 10% annual interest. If the annual interest is $550, how much is invested in bonds?
1 Answer
Aug 21, 2016
$3500 in bonds.
Explanation:
8% = multiply by 0.08
10% = multiply by 0.10
Let
Multiply the second equation by 10:
Substitute in for
Multiply both sides by 5: