Melissa has savings in two different accounts: she has $6,700 dollars in an accountthat pays an annual interest rate of 11% and she has $8,700 in another account thatpays 15%.What average return (in percentage terms) does Melissa get on her totalinvestment? Solve the problem by first formulating an equation.

Answered: Image /qna-images/answer/975d454f-1208-4b68-b0d2-221aac968e1a.jpg

Answered: Melissa has savings in two different…

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...

See similar textbooks

Similar questions

John’s average annual income over a 4-year period was $25,000. What would John’s average annual income have to be for the next 3 years so that his average annual income over the 7-year period would be $50,000? Solve this problem in two differ-ent ways, and explain your solutions.
Mary's income is $5600 a month, and she plans to budget 1/4 of her income for savings and 1/5 of her income for electricity. Step 2 of 2: What amount of money does she intend to spend each month on these two items together? Round your answer to the nearest dollar.
Pam and Jim are saving money for their two children who they plan to send to university. The eldest child will enter university in 5 years while the younger will enter in 7. Each child is expected spend four years at university. University fees are currently R 20 000 per year and are expected to grow at 5% per year. These fees are paid at the beginning of each year. Pam and Jim currently have R40 000 in their savings and their plan is to save a fixed amount each year for the next 5 years. The first deposit taking place at the end of the current year and the last deposit at the date the first university fees are paid.Pam and Jim expect to earn 10% per year on their investments. What amount should they invest each year to meet the cost of their childrens university fees?R
Karen works in a retail computer store. She receives a weekly base salary of $300 plus a commission of 3% of sales exceeding her quota of $20,000 per week.What are her sales for a week in which she earns $630.38? (Round your answer to the nearest cent. Round your intermediate calculations to 2 decimal places.) Total sales =
Louie, the Loan shark, is willing to lend money to John, the construction contractor, however he wants to quadruple his money in 16 weeks. If Louie loans John $1,300.00, what weekly interest rate must Louie charge to get quadruple his money?
Richard invests $298.66 every month into an account. At the end of 30 years, he has a balance of $181,092.15. What interest did he make over 30 years?
A total of $6000 is invested for 5 yr with a total return of $1080. Part of the money is invested in a fund that returns the equivalent of 2% simple interest. The rest of the money is invested at 4% simple interest. Determine the amount invested in each account.
Simone earned $500 doing extra chores during the summer. She put some of the money in a CD that earned 5.5%. She put twice as much in a savings account that earned 4.8%. She put the same amount that she put in the savings account into a bond fund that earned 3.7%. After one year, the three accounts made $22.50 in interest. How much did Simone put in the CD?

Recommended textbooks for you

Calculus: Early Transcendentals

Calculus

ISBN:

9781285741550

Author:

James Stewart

Publisher:

Cengage Learning

Thomas' Calculus (14th Edition)

Calculus

ISBN:

9780134438986

Author:

Joel R. Hass, Christopher E. Heil, Maurice D. Weir

Publisher:

PEARSON

Calculus: Early Transcendentals (3rd Edition)

Calculus

ISBN:

9780134763644

Author:

William L. Briggs, Lyle Cochran, Bernard Gillett, Eric Schulz

Publisher:

PEARSON

Calculus: Early Transcendentals

Calculus

ISBN:

9781285741550

Author:

James Stewart

Publisher:

Cengage Learning

Thomas' Calculus (14th Edition)

Calculus

ISBN:

9780134438986

Author:

Joel R. Hass, Christopher E. Heil, Maurice D. Weir

Publisher:

PEARSON

Calculus: Early Transcendentals (3rd Edition)

Calculus

ISBN:

9780134763644

Author:

William L. Briggs, Lyle Cochran, Bernard Gillett, Eric Schulz

Publisher:

PEARSON

Calculus: Early Transcendentals

Calculus

ISBN:

9781319050740

Author:

Jon Rogawski, Colin Adams, Robert Franzosa

Publisher:

W. H. Freeman

Precalculus

Calculus

ISBN:

9780135189405

Author:

Michael Sullivan

Publisher:

PEARSON

Calculus: Early Transcendental Functions

Calculus

ISBN:

9781337552516

Author:

Ron Larson, Bruce H. Edwards

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS