Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A state government borrows $ 2 , 0 0 0 , 0 0 0 at simple annual interest. Some of the money is borrowed at

A state government borrows $2,000,000 at simple annual interest. Some of the money is borrowed at 7%, some at 8.5%, and some at 9.5%. Use a system of linear equations to determine how much (in dollars) is borrowed at each rate given that the total annual interest is $169,750 and the amount borrowed at 8.5% is four times the amount borrowed at 9.5%. Solve the system of linear equations using matrices.
at 7% $
Incorrect: Your answer is incorrect.
at 8.5% $
Incorrect: Your answer is incorrect.
at 9.5% $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Changing Geography Of Banking And Finance

Authors: Pietro Alessandrini ,Michele Fratianni ,Alberto Zazzaro

1st Edition

1441947205, 978-1441947208

More Books

Students also viewed these Finance questions

Question

Analyze the impact of labor unions on health care.

Answered: 1 week ago

Question

Assess three motivational theories as they apply to health care.

Answered: 1 week ago

Question

Discuss the history of U.S. labor unions.

Answered: 1 week ago