You inherit $28,000 from a very wealthy grandparent, with the stipulation that for the first year, the money must be invested in two stocks paying 4% and 10% annual interest, respectively. How much should be invested at each rate if the total interest earned for the year is to be $1600?
You inherit $28,000 from a very wealthy grandparent, with the stipulation that for the first year, the money must be invested in two stocks paying 4% and 10% annual interest, respectively. How much should be invested at each rate if the total interest earned for the year is to be $1600?
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter2: Exponential, Logarithmic, And Trigonometric Functions
Section2.1: Exponential Functions
Problem 53E: Interest Ron Hampton needs to choose between two investments: One pays 6% compounded annually, and...
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You inherit $28,000 from a very wealthy grandparent, with the stipulation that for the first year, the money must be invested in two stocks paying 4% and 10% annual interest, respectively. How much should be invested at each rate if the total interest earned for the year is to be $1600?
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