Monroe Rainey: the annual income is the interest earnedpart*.07+(20000-part)*.05=1240.07*part+20000*.05-.05*part=1240.02*part=1240-1000=240.02part=240part=240/.02part=12000 at 7%8000 at 5%...Show more
Lashawn Zabarkes: Let x be the amount invested at 7 percent. Then ($20000 - x) is the amount he invested at 5 percent..07(x) + .05(20000-x) = 1240.07x + 1000 - .05x = 1240.02x = 240x = 240 / .02 = $12000 (part invested at 7 percent)$20000-$12000 = $8000 (part invested at 5 percent).All computations assume annual compounding for just one year....Show more
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