SOLUTION: A person plans to invest $4500. He will invest in both a small growth account at 4.2% annual interest and a large growth account at 5.8% annual interest. How much should he invest
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Question 1142470: A person plans to invest $4500. He will invest in both a small growth account at 4.2% annual interest and a large growth account at 5.8% annual interest. How much should he invest in each account so that the total interest in one year will be $213 Answer by Alan3354(69443) (Show Source):
You can put this solution on YOUR website! A person plans to invest $4500. He will invest in both a small growth account at 4.2% annual interest and a large growth account at 5.8% annual interest. How much should he invest in each account so that the total interest in one year will be $213
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f = amount @ 4.2%
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0.042*f + (4500-f)*0.058 = 213
Solve for f, then for the other amount.
