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Betsy, a recent retiree requires 6,000 per year in extra income. She has $70,000 to invest and can invest in B-rated bonds paying 13% per year or in a certficcate of deposit (CD) paying 3% per year.How much money should be invested in each to realize exactly $6,000 in interest per year?
The amount of money invested at 13% ____________?
The amount of money invested at 3%? ____________?

Respuesta :

amanarsalan

Answer:

$46,154

$200,000

Step-by-step explanation:

Interest = Principal x Interest Rate x Time

Principal = Interest / (Interest Rate x Time)

Principal = $6,000 / (0.13 x 1)

Principal = $46,153.85

Principal = $46,154

Principal = Interest / (Interest Rate x Time)

Principal = $6,000 / (0.03 x 1)

Principal = $200,000

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