An executive invests $24,000, some at 6% and the rest at 4% annual interest. If he receives an annual return of $1,280, how much is invested at each rate? at 6% interest $ at 4% interest $
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
To find:
The amount invested in 6% rate of interest and 4% rate of interest.
Given:
Some of the amount $24000 invest at a rate of 6% and some of 4%.
Total annual return is $1280.
Concept used:
The simple interest if the principle amount p invested at a rate of r% for t years is
…(1)
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