SOLUTION: Mike has $15000 to invest, part at 5% and part at 8%. He wants the income from simple interest on the two investments to total 1080 dollars annually. How much should he invest for
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Question 1094872: Mike has $15000 to invest, part at 5% and part at 8%. He wants the income from simple interest on the two investments to total 1080 dollars annually. How much should he invest for each rate?
Answer by ikleyn(52810) (Show Source): You can put this solution on YOUR website!
.
It is a standard problem on investment.
If you want to learn on how to solve it on your own, read the lesson
- Using systems of equations to solve problems on investment
in this site.
Consider it as a sample/template/prototype. Read it attentively.
Then solve your problem by substituting your data.
In this way you will learn the method.
Good luck and happy learning !!
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