Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

ctheowl

  • 3 years ago

Can someone please help me : You wish to invest $90,000 in two accounts. You want a very aggressive investment strategy, so you intend to invest in an account with a rate of 11.8% and another with a rate of 22.3%. With this strategy, at the end of one year, you want to earn $16,668.00. How much should you invest in each account?

  • This Question is Closed
  1. alanli123
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    System of linear equations

  2. mubzz
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    Let money in one account be 'x' and money in other account be 'y' This gives you your first equation, x + y = 90000. This goes to: y = 90000 - x Let the interest rate of account where you invest 'x' be 11.8%. The return on this account will by 1.118x Let the interest rate of account where you invest 'y' be 22.3%. The return on this account will be 1.223y This gives you your second equation, 1.118x + 1.223y = 106668 Put y = 90000 -x in equation above. That will give you x= 32400, and hence y=57600

  3. ctheowl
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    thank you!

  4. Not the answer you are looking for?
    Search for more explanations.

    • Attachments:

Ask your own question

Sign Up
Find more explanations on OpenStudy
Privacy Policy