A banker invests $25,000 into two mutual funds. One fund pays a phenomenal 24% interest on the original investment. The other does average, earning only 5% for the year. The banker earns $5,600 in interest from these two funds during the year. How much money did the banker invest in the fund that paid 5% interest? (round your answer to the nearest dollar) $19,400 $2,105 $22,895 $6,000
A banker invests $25,000 into two mutual funds. One fund pays a phenomenal 24% interest on the original investment. The other does average, earning only 5% for the year. The banker earns $5,600 in interest from these two funds during the year. How much money did the banker invest in the fund that paid 5% interest? (round your answer to the nearest dollar) $19,400 $2,105 $22,895 $6,000
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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![### Question: Investment Calculation
A banker invests $25,000 into two mutual funds. One fund pays a phenomenal 24% interest on the original investment. The other does average, earning only 5% for the year. The banker earns $5,600 in interest from these two funds during the year. How much money did the banker invest in the fund that paid 5% interest? (Round your answer to the nearest dollar).
- [ ] $19,400
- [ ] $21,105
- [ ] $22,895
- [ ] $6,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9cb94819-1a07-4759-acce-f74a7dc351e2%2F0f05d18c-5c00-421d-8886-6d88b6741466%2Fi6hum1k_processed.jpeg&w=3840&q=75)
Transcribed Image Text:### Question: Investment Calculation
A banker invests $25,000 into two mutual funds. One fund pays a phenomenal 24% interest on the original investment. The other does average, earning only 5% for the year. The banker earns $5,600 in interest from these two funds during the year. How much money did the banker invest in the fund that paid 5% interest? (Round your answer to the nearest dollar).
- [ ] $19,400
- [ ] $21,105
- [ ] $22,895
- [ ] $6,000
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