Set up the system of equations and then solve it by using an inverse matrix. One safe investment pays 10% per year, and a more risky investment pays 18% per year. A woman has $150,400 to invest and would like to have an income of $20,000 per year from her investments. How much should she invest at each rate? 10% rate $ 18% rate $?

Question

Mathematics

Ellis Cherry

27 May, 04:12

Set up the system of equations and then solve it by using an inverse matrix. One safe investment pays 10% per year, and a more risky investment pays 18% per year. A woman has $150,400 to invest and would like to have an income of $20,000 per year from her investments. How much should she invest at each rate? 10% rate $ 18% rate $?

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Answers (1)

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Leonardo Curtis · Answer 1

Has been explained given below

Step-by-step explanation:

pays per year = 10%

=the safer investment

1504-x=riskier. Units in thousands.

.10 x + 0.18 (1540-x) = 20

.10 x + (277.2-.18 x) = 20

-0.08 x=-257.2

x=3215 or $321500

other is $118250

32150*10%=$ 3215

118250*18%=$21285