Problems 76 − 85 are based on material learned earlier in the course. The purpose of these problems is to keep the material fresh in your mind so that you are better prepared for the final exam. Ethan has $ 60 , 000 to invest. He puts part of the money in a CD that earns 3 % simple interest per year and the rest in a mutual fund that earns 8% simple interest per year. How much did he invest in each if his earned interest the first year was $ 3700 ?
Problems 76 − 85 are based on material learned earlier in the course. The purpose of these problems is to keep the material fresh in your mind so that you are better prepared for the final exam. Ethan has $ 60 , 000 to invest. He puts part of the money in a CD that earns 3 % simple interest per year and the rest in a mutual fund that earns 8% simple interest per year. How much did he invest in each if his earned interest the first year was $ 3700 ?
Solution Summary: The author calculates the amount invested by Ethan in CD and mutual fund so that his earned interest in the first year was 3700.
Problems
76
−
85
are based on material learned earlier in the course. The purpose of these problems is to keep the material fresh in your mind so that you are better prepared for the final exam.
Ethan has
$
60
,
000
to invest. He puts part of the money in a CD that earns
3
%
simple interest per year and the rest in a mutual fund that earns 8% simple interest per year. How much did he invest in each if his earned interest the first year was
$
3700
?
Mitch and Bill are both age 75. When Mitch was 24 years old, he began depositing $1000 per year into a savings account. He made deposits for the first 10 years, at which point he was forced to stop making deposits. However, he left his money
in the account, where it continued to earn interest for the next 41 years. Bill didn't start saving until he was 46 years old, but for the next 29 years he made annual deposits of $1000. Assume that both accounts earned an average annual return of
6% (compounded once a year). Complete parts (a) through (d) below.
a. How much money does Mitch have in his account at age 75?
At age 75, Mitch has $ in his account.
(Round to the nearest cent as needed.)
In a certain company, employees contribute to a welfare fund at the rate of 4% of the first $1000 earned, 3% of the next $1000, 2% of the next $1000 and 1% of any extra monies. How much will an employee who earned $20,000 contribute to the fund?
Suppose you spend $12 a week on snacks. Nearly one-quarter of a million children worldwide die each year from measles. The vaccination to prevent measles costs about one dollar per child. If you donated half your snack money for one year to a charity that paid for these immunizations, how many children might be immunized from the measles with your money?
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