Math Problem Statement
A retired woman has $80,000 to invest but needs to make $3,000 a year from the interest to meet certain living expenses. One bond investment pays 15% annual interest. The rest of it she wants to put in a CD that pays 7%.
If we let x be the amount the woman invests in the 15% bond, how much in dollars will she be able to invest in the CD?
Solution
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Math Problem Analysis
Mathematical Concepts
Algebra
Linear Equations
Formulas
Total Interest = Interest from Bond + Interest from CD
0.15x + 0.07(80,000 - x) = 3,000
Theorems
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Suitable Grade Level
Grades 9-11
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