SOLUTION: Write an equation representing each sentence: 1. Suppose you have Php 1 000 000 to invest. BS Commercial Bank offered you the following based on your risk appetite and needs: a s

Question 1190181: Write an equation representing each sentence:
1. Suppose you have Php 1 000 000 to invest. BS Commercial Bank offered you the following based on your risk appetite and needs: a special time deposit that earns 4% per annum, for a fixed term of 5 years; and a savings account that gives an interest of 2.5%. How much should you invest at each rate to have a total annual income of Php 34 300 from both investments?

Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
x at 4% for 5 years is 0.20x interest or 0.04x per year
1000000-x at 2.5% is 25000-0.025x per year
The sum if 25000-+0.015x=34300 per year
or 0.015x=9300
x=620000 which at 4% is 24800
1000000-x=380000 which at 2.5% is 9500 units Php
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