SOLUTION: You receive $5ooo. You decide to invest the money in a one-year bond paying 2% interest and in a one-year certificate of deposit paying 6% interest. Let m represent the amount of
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Question 54542This question is from textbook algebra 1
: You receive $5ooo. You decide to invest the money in a one-year bond paying 2% interest and in a one-year certificate of deposit paying 6% interest. Let m represent the amount of money invested in the one-year bond. Write a function that represents the total amount of money T that you have after one year. Simplify the function. This question is from textbook algebra 1
You can put this solution on YOUR website! You receive $5ooo. You decide to invest the money in a one-year bond paying 2% interest and in a one-year certificate of deposit paying 6% interest. Let m represent the amount of money invested in the one-year bond. Write a function that represents the total amount of money T that you have after one year. Simplify the function.
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Let amount invested at 2% be "m"
Interest on that money will be 0.02m dollars
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Amount invested at 6% will be "5000-m"
Interest on that money will be 0.06(5000-m)=300-0.06m
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EQUATION:
Total = principal + interest + interest
T = 5000 + 0.02m + 300-0.06m
T = 5300 - 0.04m
Cheers,
Stan H.
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