Question
An executive invests $24,000, some at 7% and the rest at 5% annual interest. If he receives an annual return of $1,400, how much is
An executive invests $24,000, some at 7% and the rest at 5% annual interest. If he receives an annual return of $1,400, how much is invested at each rate?
at 7% interest $________
at 5% interest $________
Step by Step Solution
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Step: 1
Let x amount invested at 7 Let y amount invested at 5 x y 24000 1 007x 005y 1400 2 ...
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Personal Finance
Authors: Thomas Garman, Raymond Forgue
12th edition
9781305176409, 1133595839, 1305176405, 978-1133595830
