Question

2021-08-04

If x is invested at 7%, then 22000−x is invested at 6%.

The annual return is $1420 so we can write:

\(\displaystyle{0.07}{x}+{0.06}{\left({22000}−{x}\right)}={1420}\)

Solve for x:

\(\displaystyle{0.07}{x}+{1320}−{0.06}{x}={1420}\)

\(\displaystyle{0.01}{x}+{1320}={1420}\)

\(\displaystyle{0.01}{x}={100}\)

\(\displaystyle{x}=\frac{{100}}{{0.01}}\)

\(\displaystyle{x}={10000}\)

So, the executive invested $10,000 at 7% and $12,000 at 6%.

asked 2020-11-26

asked 2021-07-04

$30,000 is invested for 3 months at an annual simple interest rate of 3%.

How much interest will be earned?

How much interest will be earned?

asked 2021-05-17

You want to invest money for your child's education in a certificate of deposit (CD). You want it to be worth \($12,000\) in 10 years. How much should you invest if the CD pays interest at a \(9\%\) annual rate compounded

a) Annually?

b) Continuously?

a) Annually?

b) Continuously?

asked 2021-05-30

A bank loaned out $11,000, part of it at the rate of 7% annual interest, and the rest at 9% annual interest. The total interest earned for both loans was $860.00. How much was loaned at each rate?
___ was loaned at 7% and
___ was loaned at 9%.