Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

John saved $4000 and he invested part of it in his saving account that paid 4% per year and the rest of his saving in

John saved $4000 and he invested part of it in his saving account that paid 4% per year and the rest of his saving in stocks that paid 8% per year. The total interest after 1 year became $400 with those investments. How much interest did he invest at each rate?

Step by Step Solution

3.47 Rating (167 Votes )

There are 3 Steps involved in it

Step: 1

The Total money invested 4000 The Total interest earned after 1 year 400 We then Let The Amount in... 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

Fundamental financial accounting concepts

Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward

8th edition

978-007802536, 9780077648831, 0078025362, 77648838, 978-0078025365

More Books

Students also viewed these Finance questions

Question

31. How does Antabuse workpg109

Answered: 1 week ago