A combined total of $46,000 is invested in two bonds that pay 4% and 9.5% simple interest. The annual interest is $3,490.00. How much is invested in each bond?
Answer (2)
To find the amounts invested in each bond, we can set up a system of equations. Solve the system of equations to find the values of x and y. Therefore, $16,000 is invested in the 4% bond and $30,000 is invested in the 9.5% bond. ;
The amounts invested in the bonds are $16,000 in the 4% bond and $30,000 in the 9.5% bond. This was determined by setting up and solving a system of equations based on the total investment and total interest earned. The equations were solved step-by-step to find the individual investments in each bond.
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