Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mannie plans to invest money in two accounts, each earning simple interest. He invests $2800 at 9.5% and the rest is invested at 7%.

image text in transcribed 



Mannie plans to invest money in two accounts, each earning simple interest. He invests $2800 at 9.5% and the rest is invested at 7%. After one year, he has earned $560 in interest. How much did he invest at 7%?

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

Managerial Accounting

Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer

13th Edition

978-0073379616, 73379611, 978-0697789938

More Books

Students also viewed these Accounting questions

Question

Which of the following function declarations yields a syntax error?

Answered: 1 week ago