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?
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
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`