Optical spectroscopic observations of the companion star (type G8IV to K4III) in the microquasar system XTE J1550-564 reveal a radial velocity curve with a best fitting spectroscopic period of P_sp = 1.552 +/- 0.010 days and a semiamplitude of K_2 = 349 +/- 12 km/s. The optical mass function is f(M) = 6.86 +/- 0.71 solar masses (1 sigma). We tentatively measure the rotational velocity of the companion star to be V_rot*sin(i) = 90 +/- 10 km/s, which when taken at face value implies a mass ratio of Q = M_1/M_2 = 6.6 (+2.5 / -1.6) (1 sigma), using the above value of K_2. We derive constraints on the binary parameters from simultaneous modelling of the ellipsoidal light and radial velocity curves. We find the most likely value of the mass of the compact object is 9.41 solar masses with a 1 sigma range of 8.36 < M_1 < 10.76 solar masses. If we apply our tentative value of V_rot*sin(i) = 90 +/- 10 km/s as an additional constraint in the ellipsoidal modelling, we find the most likely value of the mass of the compact object is 10.56 solar masses with a 1 sigma range of 9.68 < M_1 < 11.58 solar masses. In either case the mass of the compact object is well above the maximum mass of a stable neutron star, and we therefore conclude XTE J1550-564 contains a black hole.
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