emersonjoy1222
Answered

Explore Westonci.ca, the premier Q&A site that helps you find precise answers to your questions, no matter the topic. Get immediate answers to your questions from a wide network of experienced professionals on our Q&A platform. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform.

You have $1000 to invest in two different accounts. To save the money you need for college, you need to average 5.7 percent interest. If the two accounts pay 4 percent and 6 percent interest, how much should you invest in each account?
$550 in 4%, $450 in 6%
$300 in 4%, $700 in 6%
$700 in 4%, $300 in 6%
$150 in 4%, $850 in 6%

Sagot :

sqdancefan

9514 1404 393

Answer:

  $150 in 4%, $850 in 6%

Step-by-step explanation:

The fraction that must earn the highest rate is ...

  (5.7 -4.0)/(6.0 -4.0) = 1.7/2 = 0.85

That is 0.85 × $1000 = $850 must be invested at 6%. Matches the last choice.

_____

If you let x represent the amount that must earn 6%, then the total interest earned must be ...

  x·6% +(1000 -x)·4% = 1000·5.7%

  x(6 -4) = 1000(5.7 -4) . . . . . . multiply by 100, subtract 4·1000

  x = 1000·(5.7 -4)/(6 -4) = 850 . . . . as above

We appreciate your time on our site. Don't hesitate to return whenever you have more questions or need further clarification. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Westonci.ca is here to provide the answers you seek. Return often for more expert solutions.