Jon invested one half of his savings in a bond that paid simple interest for 2 years and received Php 550.00 as interest. He invested the remaining in a bond that paid compound interest, interest being compounded annually, for the same 2 years at the same rate of interest and received Php 605.00 as interest. What was the value of his total savings before investing in these two bonds?

Jon invested one half of his savings in a bond that paid simple interest for 2 years and received Php 550.00 as interest. He invested the remaining in a bond that paid compound interest, interest being compounded annually, for the same 2 years at the same rate of interest and received Php 605.00 as interest. What was the value of his total savings before investing in these two bonds?

Intermediate Algebra

19th Edition

ISBN:9780998625720

Author:Lynn Marecek

Publisher:Lynn Marecek

Chapter2: Solving Linear Equations

Section2.2: Use A Problem Solving Strategy

Problem 2.50TI: Susana invested a principal of $36,000 in her bank account that earned simple interest at an...

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