An investor will invest a total of $15,000 in two accounts, one paying 4% annual simple interest

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An investor will invest a total of $15,000 in two accounts, one paying 4% annual simple interest and the other 3%. If he wants to earn $550 annual interest, how much should he invest at each rate?

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Intermediate Algebra

ISBN: 9780134895987

13th Edition

Authors: Margaret Lial, John Hornsby, Terry McGinnis

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Question Posted: May 31, 2023 01:36 PM

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An investor will invest a total of $15,000 in two accounts, one paying 4% annual simple interest

Question:

Principal Rate (in dollars) (as a decimal) X y 15,000 0.04 0.03 Interest (in dollars)

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Lets denote the amount invested at 4 interest as x in dollars Since th...View the full answer

Intermediate Algebra

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