Westonci.ca is your go-to source for answers, with a community ready to provide accurate and timely information. Discover solutions to your questions from experienced professionals across multiple fields on our comprehensive Q&A platform. Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A platform.
Sagot :
In order for the two investments to yield at least $1550, the remainder of the money has to earn an interest of 7%.
Equation that can be derived from the question
The formula that can be used to determine simple interest is: principal x time x interest rate.
0.12(10,000) + x($5000) = $1550
$1,200 + 5000x = $1550
Where:
x = interest rate paid in the account where $5000 was deposited.
Determination of the interest rate
In the above equation, combine similar terms:
$5000x = $1550 - $1200
Add similar terms together
$5000x = $350
Divide both sides of the equation by 500
x = $350 / 5000
x = 0.07
x = 7%
To learn more about simple interest, please check: brainly.com/question/9352088
We hope this information was helpful. Feel free to return anytime for more answers to your questions and concerns. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. Westonci.ca is here to provide the answers you seek. Return often for more expert solutions.
