Q:

Mardi received an inheritance of $94,000. She invested part in an account earning at 5% annual interest and deposited the remainder in tax-free bonds earning 3% annual interest. Her total annual income from the investments was $3548. Find the amount invested at 5% to the nearest dollar.

Accepted Solution

A:
She invested part in an account earning at 5% annual interest = $36400Explanation:Given:Mardi received an inheritance = $94,000.She invested part in an account earning at 5% annual interestdeposited the remainder in tax-free bonds earning 3% annual interest.  Her total annual income from the investments was $3548To Find:The amount invested at 5% to the nearest dollar.Solution:Let  the amount mardi invested  in an account earning at 5%  be xThen the remaining amount she deposited in tax-free bonds earning  at 3% annual interest is 94000 - xSo according to question [tex]\frac{(x\times5\times1)}{100}+\frac{(94000-x)\times3\times1}{100}=3548[/tex][tex]\frac{5x}{100}+\frac{(94000-x)\times3}{100}=3548\\[/tex][tex]\frac{5x+282000-3x}{100}=3548[/tex][tex]282000+2x=3548\times100[/tex][tex]282000+2x=354800[/tex][tex]2x=3548100-28200[/tex][tex]x=\frac{72800}{2}[/tex]x=36400