Jon invested one half of his savings in a bond that paid simple interest for 2 years and received Php 550.00 as interest. He invested the remaining in a bond that paid compound interest, interest being compounded annually, for the same 2 years at the same rate of interest and received Php 605.00 as interest. What was the value of his total savings before investing in these two bonds?
Jon invested one half of his savings in a bond that paid simple interest for 2 years and received Php 550.00 as interest. He invested the remaining in a bond that paid compound interest, interest being compounded annually, for the same 2 years at the same rate of interest and received Php 605.00 as interest. What was the value of his total savings before investing in these two bonds?
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Jon invested one half of his savings in a bond that paid simple interest for 2 years and received Php 550.00 as interest. He invested the remaining in a bond that paid compound interest, interest being compounded annually, for the same 2 years at the same rate of interest and received Php 605.00 as interest. What was the value of his total savings before investing in these two bonds?
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