Math Problem Statement
Betsy, a recent retiree, requires $6 comma 000 per year in extra income. She has $50 comma 000 to invest and can invest in B-rated bonds paying 17% per year or in a certificate of deposit (CD) paying 7% per year. How much money should be invested in each to realize exactly $6 comma 000 in interest per year?
Solution
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Math Problem Analysis
Mathematical Concepts
Algebra
Systems of Linear Equations
Formulas
Investment Total Equation: x + y = 50,000
Interest Total Equation: 0.17x + 0.07y = 6,000
Theorems
Solving Systems of Equations using Substitution
Suitable Grade Level
Grades 9-12
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