In investing $6,100 of a couple's money, a financial planner put some of it into a savings account paying 5% annual simple interest. The rest was invested in a riskier mini-mall development plan paying 13% annual simple interest. The combined interest earned for the first year was $601. How much money was invested at each rate? 5% annual interest $ 13% annual interest $

In investing $6,100 of a couple's money, a financial planner put some of it into a savings account paying 5% annual simple interest. The rest was invested in a riskier mini-mall development plan paying 13% annual simple interest. The combined interest earned for the first year was $601. How much money was invested at each rate? 5% annual interest $ 13% annual interest $

Elementary Algebra

17th Edition

ISBN:9780998625713

Author:Lynn Marecek, MaryAnne Anthony-Smith

Publisher:Lynn Marecek, MaryAnne Anthony-Smith

Chapter3: Math Models

Section3.3: Solve Mixture Applications

Problem 3.65TI: Remy has $14,000 to invest in two mutual funds. One fund pays interest at 4% per year and the other...

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