$MathMaster logo$

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)

Math question: What is the limit as x approaches 3 of (2x^2 + 5x - 6) / (x + 3)?

+

Math question: Calculate the derivative of f(x) = 3x^2 + 5x - 2 using the basic rules of derivatives.

+

What is the value of the tangent of an angle in a right triangle if the length of the opposite side is 7 and the adjacent side is 4?

+

New questions in Mathematics

I want to divide R$ 2200.00 between Antônio, Beto and Cássia, so that Beto receives half from Antônio and Cássia receives a third of Beto. Under these conditions, how much more will Beto receive than Cássia?

Use the digits of 1,9,2,3 to come up with all the numbers 98 and 95

The data set (75, 85, 58, 72, 70, 75) is a random sample from the normal distribution No(µ, σ). Determine a 95% two-sided confidence interval for the mean µ .

Which of the following is the product of multiplying twenty-seven and twenty-five hundredths by nine and twenty-seven hundredths?

1. Suppose we have a good whose quantity supplied changed from 100 to 120 units when the price increased from $10 to $12 per unit. Compute the price elasticity of supply using the midpoint method

Moaz wanted to test whether the level of headache pain (on a scale of 1 – 10) changes after taking Advil. He collected data from 9 participants and calculated the difference in headache pain before and after taking Advil (summarized in the table below). Determine W observed for this test. Difference Scores -2 -4 0 +1 +3 -2 0 -3 -5 Also, What is the degrees of freedom for this test?

An integer is taken at random from the first 40 positive integers. What is the probability that the integer is divisible by 5 or 6?

Solve this mathematical problem if 3/5 of a roll of tape measures 2m. How long is the complete roll? Draw the diagram

There were no defectives in a sample of 1 light bulb does this sample provide sufficient evidence that in the warehouse with millions of light bulbs fewer than 10% are defective?

During a fishing trip Alex notices that the height h of the tide (in metres) is given by h=1−(1/2)*cos(πt/6) where t is measued in hours from the start of the trip. (a) Enter the exact value of h at the start of the trip in the box below.

A triangular window has a base of 6 ft. and a height of 7 ft. What is its area?

Use a pattern approach to explain why (-2)(-3)=6

2)A tourist has 15 pairs of pants in his hotel room closet. Suppose 5 are blue and the rest are black. The tourist leaves his room twice a day. He takes a pair of pants and puts them on, the tourist leaves the first pair of pants in the closet again and takes another one and puts them on. What is the probability that the two pants chosen are black?

Quadratic equation 2X = 15/X + 7

Solve equations by equalization method X-8=-2y 2x+y=7

How do you convert a fraction to a decimal

Given a circle 𝑘(𝑆; 𝑟 = 4 𝑐𝑚) and a line |𝐴𝐵| = 2 𝑐𝑚. Determine and construct the set of all centers of circles that touch circle 𝑘 and have radius 𝑟 = |𝐴𝐵|

8. Measurement Jillian measured the distance around a small fish pond to be 27 yards. What would be a good estimate of the distance across the pond: 14 yards, 9 yards, or 7 yards? Explain how you decided.

The length of a rectangle is five more than its width. if the perimeter is 120, find both the length and the width.

Let f(x)=-1/2x+5 evaluate f(-6)