Assignment:
You win a $10,000 prize that you decide you want to invest so that the investment pays out $660 a year in interest without using any of the principal- You will use this money for birthday gifts! Your financial advisor advises you to put part of it in a bank at 5 percent interest. He puts the remainder in bonds, which pay a 9 percent annual return. How much did he invest in each method- bank and bonds- to come up with an annual combined income of $660?
Provide complete and step by step solution for the question and show calculations and use formulas.