Two investments were made by Adam, totalling $22,500. Part of it was invested at 6% per annum

Question:

Two investments were made by Adam, totalling $22,500. Part of it was invested at 6% per annum and the remainder at 5% per annum. The total interest received after one year was $1295. Find the amount invested at each rate.

AppendixLO1

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Mathematics Of Business And Finance

ISBN: 9781927737545

4th Edition

Authors: Larry Daisley, Thambyrajah Kugathasan, Diane Huysmans

Question Posted: