Try the fastest way to create flashcards
Question

Use a system of equations to solve the following problems. See the earlier examples.

An investor decides at the beginning of the year to invest some of his cash in an account paying 8%8 \% annual interest, and to put the rest in a stock fund that ends up earning 15%15 \% over the course of the year. He puts $2000\$ 2000 more in the first account than in the stock fund, and at the end of the year he finds he has earned $1310\$ 1310 in interest. How much money was invested at each of the two rates?

Solution

Verified
Answered 2 years ago
Answered 2 years ago
Step 1
1 of 5

Let:

Account=xStock Funds=y\begin{aligned} \text{Account}&=x\\ \text{Stock Funds}&=y \end{aligned}

Create a free account to view solutions

Create a free account to view solutions

Recommended textbook solutions

Precalculus 2nd Edition by Carter, Cuevas, Day, Malloy

Precalculus

2nd EditionISBN: 9780076602186 (1 more)Carter, Cuevas, Day, Malloy
8,886 solutions
Nelson Functions 11 1st Edition by Chris Kirkpatrick, Marian Small

Nelson Functions 11

1st EditionISBN: 9780176332037Chris Kirkpatrick, Marian Small
1,275 solutions
Precalculus 1st Edition by Paul Sisson

Precalculus

1st EditionISBN: 9780918091895Paul Sisson
3,823 solutions
Precalculus with Limits 3rd Edition by Larson

Precalculus with Limits

3rd EditionISBN: 9781133962885 (2 more)Larson
11,244 solutions

More related questions

1/4

1/7