FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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A man invests his savings in two accounts, one paying
6 percent and the other paying 10 percent simple
interest per year. He puts twice as much in the lower-
yielding account because it is less risky. His annual
interest is 5478 dollars. How much did he invest at
each rate?
Your answer is
total in the account paying 6 percent interest is
total in the account paying 10 percent interest is
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Transcribed Image Text:A man invests his savings in two accounts, one paying 6 percent and the other paying 10 percent simple interest per year. He puts twice as much in the lower- yielding account because it is less risky. His annual interest is 5478 dollars. How much did he invest at each rate? Your answer is total in the account paying 6 percent interest is total in the account paying 10 percent interest is
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