SOLUTION: I forget the steps on how to do this problem! My midterm is in a few hours, if you could help it would be much aprpeciated.
You inherit $10,000 with the stipulation that for the
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You inherit $10,000 with the stipulation that for the
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Question 274150: I forget the steps on how to do this problem! My midterm is in a few hours, if you could help it would be much aprpeciated.
You inherit $10,000 with the stipulation that for the first year the money must be invested
in two stocks paying 6% and 11% annual interest, respectively. How much should be
invested at each rate if the total interest earned for the year is to be $700? Found 2 solutions by richwmiller, josmiceli:Answer by richwmiller(17219) (Show Source):
You can put this solution on YOUR website! Let = amount invested at 6%
Let = amount invested at 11%
given:
(1)
(2)
-------------------
Multiply both sides of (1) by
and subtract (1) from (2)
(2)
(1)
And, from (1),
$8000 should be invested at 6% and $2000 should be invested at 11%
check:
(2)
(2)
OK
