Wendy, a loan officer at a bank, has $1,000,000 to lend and is required to obtain an
Question:
Wendy, a loan officer at a bank, has $1,000,000 to lend and is required to obtain an average return of 18% per year. If she can lend at the rate of 19% or at the rate of 16%, how much can she lend at the 16% rate and still meet her requirement?
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Let x represent the amount of money loaned at 16 Then 10000...View the full answer
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