Randy has $15,000 that he would like to invest. He has a choice of two interest paying bonds, one offering a 4% annual interest and the other paying 8% annual interest. He would like to earn $760 in interest in one year using both types of bonds that he can put towards his vacation. How much money should he invest in each bond?
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Randy has $15,000 that he would like to invest. He has a choice of two interest paying bonds, one offering a 4% annual interest and the other paying 8% annual interest. He would like to earn $760 in interest in one year using both types of bonds that he can put towards his vacation. How much money should he invest in each bond?
Answer: $11000 at 4% and $4000 at 8%
$11000 at 4% and $4000 at 8%
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