Concept explainers
To find: The amount invested in stocks.
Answer to Problem 16P
The amount invested in stocks is
Explanation of Solution
Given information:
Total amount invested = $ 6000
Income from stocks = $ 375
Calculation:
Let, the amount invested in stocks be $ x and in bonds be $ y
By question
From equation (1)
Substitute the value of x in equation (2)
Therefore,
Therefore, the amount invested in stocks is
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