Mardi received an inheritance of $60,000. She invested part at 8% and deposited the remainder in tax-free bonds at 12%. Her total annual income from the investments was $6000. Find the amount
Invested at 8%.
A)$15,000
B)$54,000
C)$29,000
D)$30,000

Question

Quizplus · Accepted Answer

Let the amount invested at 8% be x dollars. Therefore, the amount invested in tax-free bonds at 12% would be $60,000 - x. The total annual income from these investments is $6,000. The income from the investment at 8% is 0.08x, and the income from the investment at 12% is 0.12($60,000 - x). Setting up the equation: 0.08x + 0.12($60,000 - x) = $6,000. Solving this equation for x gives us the amount invested at 8%, which is $30,000.

Mardi Received an Inheritance of $60,000