Solve the Problem. -You Inherit $10,000 with the Stipulation That for the First

question 147

Multiple Choice

Solve the problem.
-You inherit $10,000 with the stipulation that for the first year the money must be invested in two stocks paying 6% and 11% annual interest, respectively. How much should be invested at each rate if the total
Interest earned for the year is to be $700?

• A)$8000 invested at 6%; $2000 invested at 11%
• B)$2000 invested at 6%; $8000 invested at 11%
• C)$7000 invested at 6%; $3000 invested at 11%
• D)$9000 invested at 6%; $1000 invested at 11%