if the part for tax shelter is X, the part for banking is Y, X + Y = 7000 (a) X*
ID: 3106502 • Letter: I
Question
if the part for tax shelter is X, the part for banking is Y,
X + Y = 7000 (a)
X*9% + Y*6% = 540 (b)
(a)*9% - (b)
Y*3% = 90
Y = 3000
X= 7000 -3000 = 4000
he invest 4000 for tax shelter, 3000 for banking
question is: Mr. Mostafe received an inheritance of $7,000. He oput part of it in a tax selter paying 9% interest and part in a bank paying 6%. If his annual interest totals $540, how much did he invest at each rate? I do not where you got that y equals 3000. or that y 3% equals 90. Please explain.
Explanation / Answer
X + Y = 7000 X= 7000- Y (a) X* 9% + Y * 6% = 540 (7000- Y) * 0.09 + 0.06 Y = 540 630 - 0.09Y + 0.06Y = 540 -0.03Y = - 90 Y = 90/0.03= 3000 X = 7000- 3000 = 4000
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