Question: Using automatic transfers, Jacob was able to deposit $4800 last year into his saving portfolio (high-yield savings account, certificate of deposit, and cryptocurrency portfolio). Last

Using automatic transfers, Jacob was able to deposit $4800 last year into his saving portfolio (high-yield savings account, certificate of deposit, and cryptocurrency portfolio). Last year, his high-yield savings account earned 4.2% and his certificate of deposit returned 5.75%, but his cryptocurrency portfolio decreased 2.5% in value. If his net gain for the year was $104.50 and he had $300 more in his cryptocurrency portfolio than in his certificate of deposit,

how much did he have in each savings vehicle? (Formulate a system of equations and solve it by utilizing the inverse matrix method.)

Step by Step Solution

★★★★★

3.43 Rating (166 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

SOLUTION Let x be the amount invested in the certificate of deposit y be the amount invested in the ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Read the case study "Southwest Airlines," found in Part 2 of your textbook. Review the "Guide to Case Analysis" found on pp. CA1 - CA11 of your textbook. (This guide follows the last case in the...

Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...

The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...

Personal Financial Planning Cases & Applications Textbook 10th Edition 2017-2018 Today is January 1, 2017 Archie and Elaine Peyton have come to you, a financial planner, for help in developing a plan...

Pretty simple just answer the questions below its only 2 of them attached are the reference materials you'll need to site apa style format from Chapter 11: 11.2 #2 (p. 276) Also answer this question...

1 What are the main components of personal financial planning? Solve What is the purpose of a financial plan? Solve Identify some common actions taken to achieve financial goals. How does a job...

I need Chapter 2 & 3 finished. Chapter 4 & 5, Chapter 6 & 7, & Chapter 8. Some of this is completed, but it isn't 100% finished. Let me know if you can get to it. Personal Finance, Fifth Edition by...

Chapter 7:7.2 #2 (p. 168) Chapter 8:8.2 #3 (p. 205) Chapter 9:9.2 #1 (p. 225) a., b., and c. (for c., only answer the adjustable rate mortgage part Chapter 7 from Personal Finance was adapted by The...

i need some one toanswering these three questions. make sure to include apa format for the information pretty straight forward. Attached below are the chapters. Chapter 7: 7.2 #2 (p. 168) Chapter 8:...

Say youve got a little extra cash. Now you have to decide whether to save or invest it. The answer, surprisingly, doesnt come down to how much money you have. These days, when you can jump into...

What are morphemes and how were they used in developing brand names such as InfoSeek, Dura flame, and Compaq Computer?

Suppose you are a monopolist who faces a domestic demand curve given by Q = 1,000 2P. Your domestic cost of production involves domestic costs per unit of 300 and a foreign cost per unit produced of...

Which entrepreneurial strategy is most likely to result in long - term business success? building strong relationships with key industry partners and stakeholders relying on a single product line...

The National Gun Policy Survey asked a random sample of adults, Do you think there should be a law that would ban possession of handguns except for the police and other authorized persons? Here are...

Mapmakers try to use as few colors as possible when coloring countries on a map, as long as no two countries that share a border have the same color. We can model this problem with an undirected...

Two researchers each conduct their own study. Researcher no. 1 has a Cohens d of .25, and researcher no. 2 has a Cohens d of .40. If both researchers have the same sample size, which researcher is...

Define joint costs, split-off point and further processing costs.

Change each of the following percents into a common fraction in lowest terms. 2.25%

What is the typical length of a welcome and keynote session when combined?Group of answer choices75 minutes60 minutes90 Minutes2 hours

Ando Company, a diversified manufacturer, has six divisions that operate throughout the United States and Puerto Rico. Ando has historically allowed its divisions to operate autonomously. Ando does...

For each of the following cases, indicate why management and the auditors determined that the control deficiency was a material weakness. Case 1: In our assessment of the effectiveness of internal...

In addition to policies and processes around payroll transactions, what other policies and processes are involved in the human resource management process?

Why might a decision maker be reluctant to make subjective probability judgments when historical data are available? In what sense does the use of data still involve subjective judgments?

Explain in your own words the role that data can play in the development of models of uncertainty in decision analysis.

A plant manager is interested in developing a quality-control pro-gram for an assembly line that produces light bulbs. To do so, the manager considers the quality of the products that come from the...