A man invested a total of N50000 in two companies. If these companies pay dividends of 6% and 8% respectively, how much did he invest at 8% if the total yield is N3700?
-
A.
N15 000 -
B.
N29 600 -
C.
N27 800 -
D.
N21 400 -
E.
N35 000
Correct Answer: Option E
Explanation
Total yield = N3,700
Total amount invested = N 50,000
Let x be the amount invested at 6% interest and let y be the amount invested at 8% interest
then yield on x = (frac{6}{100}) x and yield on y = (frac{8}{100})y
Hence, (frac{6}{100})x + (frac{8}{100})y
= 3,700………(i)
x + y = 50,000……..(ii)
6x + 8y = 370,000 x 1
x + y = 50,000 x 6
6x + 8y = 370,000………(iii)
6x + 6y = 300,000……..(iv)
eqn (iii) – eqn(2)
2y = 70,000
y = (frac{70,000}{2])
= 35,000
Money invested at 8% is N35,000