Advanced Engineering Mathematics
10th Edition
ISBN: 9780470458365
Author: Erwin Kreyszig
Publisher: Wiley, John & Sons, Incorporated
expand_more
expand_more
format_list_bulleted
Related questions
Question
A banker invests $16,000 in three hedge funds. Each fund pays 5%, 6%, and 7% interest respectively on the original investment during the year. The 5% and 6% investments combined were $2000 less than the 7% investment. The woman earns $990 in interest from these three funds during the year. How much did the banker invest in each of the three funds (rounded to the nearest dollar)?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution
Trending nowThis is a popular solution!
Step by stepSolved in 3 steps with 2 images
Knowledge Booster
Similar questions
- At the beginning of the year Anna invested a portion of her $90, 000revenue from the sale of her house in an account that earns 8% annualsimple interest, and the remainder in an account that earns 9% annualsimple interest. If at the end of the year, she earned total interest of$7760, how much did she invest in each account?arrow_forwardMila invested $6,700 and put it in two accounts. She put some in a money market account that earned 1 1/2 % simple interest and she put the rest in a certificate of deposit (CD) that earned 2 3/4% simpleinterest. At the end of the first year she earned a total of $149.25 in interest. How much did she depositin each account?arrow_forwardRichard invests $298.66 every month into an account. At the end of 30 years, he has a balance of $181,092.15. What interest did he make over 30 years?arrow_forward
- After one year Jonny's two mutual funds returned a total of $14,370. The first fund returned 2% and the second, in which he had invested $16,000 more, returned 11%. What was the amount of Jonny's original investment? Jonny's original investment was $arrow_forwardA salesman works for a base salary of $370 a month plus 5% commission on all the merchandise he sells beyond $4,000. If he sells $6,500 worth of merchandise in one month, what will his total salary be for the month?arrow_forwardA couple invested $20,000 in two retirement accounts, one at an annual simple interest rate of 4% and the other at 3% annual simple interest. The combined interest from the two investments was $740 for the first year. Find the amount invested in each account. $ invested at 4% 2$ invested at 3%arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- Advanced Engineering MathematicsAdvanced MathISBN:9780470458365Author:Erwin KreyszigPublisher:Wiley, John & Sons, Incorporated
Numerical Methods for EngineersAdvanced MathISBN:9780073397924Author:Steven C. Chapra Dr., Raymond P. CanalePublisher:McGraw-Hill Education
Introductory Mathematics for Engineering Applicat...Advanced MathISBN:9781118141809Author:Nathan KlingbeilPublisher:WILEY 
Mathematics For Machine TechnologyAdvanced MathISBN:9781337798310Author:Peterson, John.Publisher:Cengage Learning,
Advanced Engineering Mathematics
Advanced Math
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Advanced Math
ISBN:9780073397924
Author:Steven C. Chapra Dr., Raymond P. Canale
Publisher:McGraw-Hill Education
Introductory Mathematics for Engineering Applicat...
Advanced Math
ISBN:9781118141809
Author:Nathan Klingbeil
Publisher:WILEY
Mathematics For Machine Technology
Advanced Math
ISBN:9781337798310
Author:Peterson, John.
Publisher:Cengage Learning,