A person invested two amounts in a bank for a full year at a common interest rate. So the total interest on the two amounts was $ 320. If you know that the interest of the second amount, which equals $ 3,000 exceeds the interest of the first amount by $ 160 What is the value of the first amount and what is the interest rate?
A person invested two amounts in a bank for a full year at a common interest rate. So the total interest on the two amounts was $ 320. If you know that the interest of the second amount, which equals $ 3,000 exceeds the interest of the first amount by $ 160 What is the value of the first amount and what is the interest rate?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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A person invested two amounts in a bank for a full year at a common interest rate.
So the total interest on the two amounts was $ 320.
If you know that the interest of the second amount, which equals $ 3,000 exceeds the interest of the first amount by $ 160
What is the value of the first amount and what is the interest rate?
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