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 274178: 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? Answer by solver91311(24713) (Show Source):
The amount of interest earned on the 11% investment is then and the amount of interest earned on the 6% investment is . These two amounts must add up to $700, so:
