Homework Help

Solve the word problem (pls. use the recommended format: given, req’d,...

user profile pic

spock16 | Student, Undergraduate | (Level 1) eNoter

Posted May 10, 2012 at 7:33 AM via web

dislike 1 like

Solve the word problem (pls. use the recommended format: given, req’d, solution,checking)

Martin Fernandez put part of his money into a bank and...


invested another half of it in bonds. The bank pays 5% interest. The bonds pay a 7% return. How much money did he invest in each vehicle, if his annual income from the bonds was P600 more than the interest from the bank?

1 Answer | Add Yours

user profile pic

rcmath | High School Teacher | (Level 1) Associate Educator

Posted May 10, 2012 at 5:57 PM (Answer #1)

dislike 1 like

Let P be the orignal amount Martin had.

Given:      Bank                       Bond

Income      5%                         7%

Amount     $P/2                        $P/2

Income      $x                            $ x+600

Equations:Interest (income)=rate x principal

Bank  `5/100*P/2=x=>[5P]/200=x`  

Bonds `7/100*P/2=x+600=>[7P]/200=x+600`

Let solve the system by substitution

`[7P]/200=[5P]/200+600=>` Subtract 5p/200 from both sides


Answer: He invested $30,000 in each.

Check: Bank  `5/100*30,000=1500`

           Bond `7/100*30,000=2100`

1500+600=2100 correct.




Join to answer this question

Join a community of thousands of dedicated teachers and students.

Join eNotes