Please help me get started on this:)
A total of $46,000 is invested in two corporate bonds that pay 6.75% and 7.25% simple interest. The investor wants an annual interest income of $3,245 from the investments. What is the most that can be invested in the 6.75% bond?

Question

Please help me get started on this:)
A total of $46,000 is invested in two corporate bonds that pay 6.75% and 7.25% simple interest. The investor wants an annual interest income of $3,245 from the investments. What is the most that can be invested in the 6.75% bond?

ranga · Answer

Assume x dollars is invested in the 6.75% bond.
Then (46000 - x) will be invested in the 7.25% bond.

Calculate the simple interest in each case, add them up, set it to 3245 and solve for x.