$MathMaster logo$

MathMaster

Home
general
you received an inheritance of 40 000 from a beloved uncle with inflation so high you decided that rather than save the in

Question

You received an inheritance of $40,000 from a beloved uncle. With inflation so high, you decided that rather than save the inheritance, you are going to invest it. You were given two interest bearing accounts to invest in. One yields 7% simple interest and other pays 6.5%. You expect earn $2,640 in interest in total from both accounts in the first year. How much should you invest in each account?

232

likes

1159 views

Answer to a math question You received an inheritance of $40,000 from a beloved uncle. With inflation so high, you decided that rather than save the inheritance, you are going to invest it. You were given two interest bearing accounts to invest in. One yields 7% simple interest and other pays 6.5%. You expect earn $2,640 in interest in total from both accounts in the first year. How much should you invest in each account?

$Expert avatar$

4.6

110 Answers

\begin{cases} x + y = 40,000 \ 0.07x + 0.065y = 2,640 \end{cases}

Express

y

in terms of

x

:

y = 40,000 - x

Substitute

y = 40,000 - x

into the second equation:

0.07x + 0.065(40,000 - x) = 2,640

0.07x + 2,600 - 0.065x = 2,640

0.005x = 40

x = \frac{40}{0.005} = 8,000

Substitute the value of

x

back into

y = 40,000 - x

:

y = 40,000 - 8,000 = 32,000

\textbf{Answer:}32000

.

Frequently asked questions (FAQs)

What is the value of a missing angle in a triangle if the other two angles are 45° and 90°?

+

What is the equation of a square root function that has a vertex at (3, -2)?

+

What is the vertex form of a parabola function, given its characteristics: a=3, vertex at (2, -5)?

+

New questions in Mathematics

𝑦 = ( 𝑥2 − 3) (𝑥3 + 2 𝑥 + 1)

a ferry travels 1/6 of the distance between two ports in 3/7 hour. The ferry travels at a constant rate. At this rate, what fraction of the distance between the two ports can the ferry travel in one hour.

Revenue Maximization: A company sells products at a price of $50 per unit. The demand function is p = 100 - q, where p is the price and q is the quantity sold. How many units should they sell to maximize revenue?

Find the equation of the normal to the curve y=x²+4x-3 at point(1,2)

3(4×-1)-2(×+3)=7(×-1)+2

A car that starts from rest moves for 11 min, reaching a speed of 135 km/h, calculate the acceleration it had

The director of a company must transfer 6 people from the human resources department to the sales department, in order to sustain sales during the month of December. What is the probability that he will transfer only 2 of them?

Margin of error E=0.30 populations standard deviation =2.5. Population means with 95% confidence. What I the required sample size (round up to the whole number)

The function g:Q→Q is a ring homomorphism such that g(3)=3 and g(5)=5. What are the values of g(8) and g(9)?

The thermal representation f(x) = 20 times 0.8 to the power of x is known from an exponential function f. Specify the intersection point with the y-axis

In an audience of 4000 people, 2 people are chosen, at random, to appear on stage. How many ways can the people be chosen?

What is 75 percent less than 60

a survey showed that 3 out of 7 voters would vote in an election. based on this survey, how many people would vote in a city with 25,000 people?

nI Exercises 65-68, the latitudes of a pair of cities are given. Assume that one city si directly south of the other and that the earth is a perfect sphere of radius 4000 miles. Use the arc length formula in terms of degrees to find the distance between the two cities. 65. The North Pole: latitude 90° north Springfield, Illinois: latitude 40° north

A person runs 175 yards per minute write a variable that represents the relationship between time and distance

Find the equation of a straight line that has slope 3 and passes through the point of (1, 7) . Write the equation of the line in general forms

A triangle is cut by a line s parallel to the base in such a way that it divides the side of the triangle into parts in the ratio of 2 : 3. Find the other side of the triangle if it is known that the line s divides it into parts whose length is 5 cm.