Bobby has a bond earning 11% yearly interest and another bond worth 3 times as much earning 10% simple interest. If the total yearly interest is $307.50, find the value of each bond.

Question

anonymous · Answer

these are my choices. 600,1800 - 750,2250 - 900,2700 - 1050, 3150 - or none of these.

anonymous · Answer

Use algebra.

anonymous · Answer

what formula?

anonymous · Answer

simple interest$$
I = Prn
$$compound interest $$
I = Pr^n
$$Since there is only one  year, $n=1$.

anonymous · Answer

Anyway, let one of the bonds be values at $x$ and the other valued at $3x$.

anonymous · Answer

$$
0.11x + 0.10(3x) = 307.50
$$

anonymous · Answer

x= 750 so 3x = 2250