Answer:
Money invested in Canada saving bond is $6000.
Money invested in provincial government bond is $9000.
Step-by-step explanation:
First of all, let us have a look at the formula for simple interest:
[tex]SI = \dfrac{P\times R\times T}{100}[/tex]
Where P is the amount invested
R is the rate of interest and
T is the time
We are given here, 2 bonds in which a total of $15000 were invested
Let money invested in Canada saving bond [tex]P_1[/tex], = $x
Rate of interest, [tex]R_1=4\%[/tex]
Time, [tex]T_1 = 1\ year[/tex]
[tex]SI_1 = \dfrac{P_1\times R_1\times T_1}{100}\\\Rightarrow \dfrac{x\times 4\times 1}{100} ..... (1)[/tex]
Let money invested in provincial government bond [tex]P_2[/tex], = $(15000-x)
Rate of interest, [tex]R_2=5\%[/tex]
Time, [tex]T_2 = 1\ year[/tex]
[tex]SI_2 = \dfrac{P_2\times R_2\times T_2}{100}\\\Rightarrow \dfrac{(15000-x)\times 5\times 1}{100} ..... (2)[/tex]
We are given that
[tex]SI_1+SI_2=$690\\\text{Using equations (1) and (2):}\\\\\Rightarrow \dfrac{4x}{100} + \dfrac{(15000-x)\times 5}{100} = 690\\\Rightarrow 4x + (75000-5x) = 69000\\\Rightarrow x = \$6000[/tex]
Money invested in Canada saving bond = $6000
Money invested in provincial government bond = $15000-$6000 = $9000
