Answered: Suppose Chad has $5000 to invest. If he…

Suppose Chad has $5000 to invest. If he invests $3000 at 5% interest, at what rate must he invest the remaining $2000 so that the two investments yield at least $300 in yearly interest?

Algebra for College Students

10th Edition

ISBN:9781285195780

Author:Jerome E. Kaufmann, Karen L. Schwitters

Publisher:Jerome E. Kaufmann, Karen L. Schwitters

Chapter14: Sequences And Mathematical Induction

Section14.CT: Test

Problem 23CT

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Suppose Chad has $5000 to invest. If he invests $3000 at 5% interest, at what rate must he invest the remaining $2000 so that the two investments yield at least $300 in yearly interest?

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