Solve the problem.
-Mardi received an inheritance of $60,000. She invested part at 11% and deposited the remainder in tax-free bonds at 12%. Her total annual income from the investments was $6800. Find the amount invested at 11%.
A) $39,000
B) $20,000
C) $40,000
D) $53,200

Question

Quizplus · Accepted Answer

Let the amount invested at 11% be x dollars. Therefore, the amount invested at 12% is $60,000 - x. The total annual income from these investments is given by 0.11x + 0.12($60,000 - x) = $6,800. Solving this equation for x gives x = $40,000, which is the amount invested at 11%.

Solve the Problem. -Mardi Received an Inheritance of $60,000. She Invested Part at Invested