Question

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.

Answer 1

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

Answer 2

Use algebra.

Answer 3

what formula?

Answer 4

simple interest\[
I = Prn
\]compound interest \[
I = Pr^n
\]Since there is only one year, \(n=1\).

Answer 5

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

Answer 6

\[
0.11x + 0.10(3x) = 307.50
\]

Answer 7

x= 750 so 3x = 2250