Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

SLC'sstudent emergency fundreceived a gift of $ 130,000. The money is invested in stocks, bonds, and GICs. GICspay 3.25 % interest, bonds pay 2.1 %

SLC'sstudent emergency fundreceived a gift of $ 130,000. The money is invested in stocks, bonds, and GICs. GICspay 3.25 % interest, bonds pay 2.1 % interest, and stocks pay 6.3 % interest. SLCinvests $ 55000 more in bonds than in GICs. If the annual income from the investments is $ 4792.5 , how much was invested in GICs?

Solve this question using matrices

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

International Financial Management

Authors: Geert Bekaert, Robert J. Hodrick

2nd edition

013299755X, 132162768, 9780132997553, 978-0132162760

Students also viewed these Mathematics questions