James had his financial advisor invest $8500, part at 4% simple interest and the rest at 3.5% interest. At the end of a year he had earned $322.25 in interest. How much did he invest at each rate? I=Prt
James had his financial advisor invest $8500, part at 4% simple interest and the rest at 3.5% interest. At the end of a year he had earned $322.25 in interest. How much did he invest at each rate? I=Prt
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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James had his financial advisor invest $8500, part at 4% simple interest and the rest at 3.5% interest. At the end of a year he had earned $322.25 in interest. How much did he invest at each rate? I=Prt
Expert Solution
Step 1
Simple interest formula :
Where ,
P is principal value
r is the rate of interest.
t is time (years )
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