1. Investment Luc invests $7000 in two bank accounts. One earns 1.5% simple interest per year, and the other earns 2.5% simple interest per year. After one year the total inter- est earned on these investments is $120.25. How much money did he invest in each account?
1. Investment Luc invests $7000 in two bank accounts. One earns 1.5% simple interest per year, and the other earns 2.5% simple interest per year. After one year the total inter- est earned on these investments is $120.25. How much money did he invest in each account?
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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![1. Investment Luc invests $7000 in two bank accounts. One
earns 1.5% simple interest per year, and the other earns
2.5% simple interest per year. After one year the total inter-
est earned on these investments is $120.25. How much
money did he invest in each account?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff10be196-9137-44be-8c1e-a53075dad898%2F6e05080c-02e7-46c1-96bb-3c30a8c18284%2Fujz02b_processed.png&w=3840&q=75)
Transcribed Image Text:1. Investment Luc invests $7000 in two bank accounts. One
earns 1.5% simple interest per year, and the other earns
2.5% simple interest per year. After one year the total inter-
est earned on these investments is $120.25. How much
money did he invest in each account?
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