An algebra student has won $100,000 in a lottery and wishes to deposit it in savings accounts in two financial institutions. One account pays 8% simple interest, but deposits are insured only to $50,000. The second account pays 6.4% simple interest, and deposits are insured up to $100,000. Determine whether the money can be deposited so that it is fully insured and earns annual interest of $7500.
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
An algebra student has won $100,000 in
a lottery and wishes to deposit it in savings accounts in two
financial institutions. One account pays 8% simple interest,
but deposits are insured only to $50,000. The second account pays 6.4% simple interest, and deposits are insured
up to $100,000. Determine whether the money can be
deposited so that it is fully insured and earns annual interest
of $7500.
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