SOLUTION: Deon Brown purchases a municiple bond for $2000. The bond earns an annual simple interest rate of 6.4%. How much must Deon invest in an account theat earns 8% annual simple interes
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Question 203420: Deon Brown purchases a municiple bond for $2000. The bond earns an annual simple interest rate of 6.4%. How much must Deon invest in an account theat earns 8% annual simple interest so that both investments will earn the same amount of interst in a year?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
.08/2000:.064/x
.08x=128
x=1600
$1600 at 8% = $128 interest
$2000 at 6.4% = $128 interest
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