Treasury Bill ( T-Bills ) is a short-term investment product ( from 91 days to 365 days) backed by the Bank of Ghana on behalf of the Government. When you buy one, you are essentially lending money to the government of Ghana. Treasury Bills are one of the safest forms of investment in Ghana because they are backed by the Government of Ghana and are considered risk-free. Upon maturity, the government will repay the amount it borrowed ( your investment ) with the determined interest rate given at the time of the investment. With this information in mind, a student from Ghana Communication Technology University decided to invest her GH¢24,500.00. She divided the money into three different accounts. At the end of 2020, she had made GH¢1,300.00 in interest. The 91-days yield on each of the three accounts was 4%, 5.5% and 6%. If the amount of money in the 4% account was four times the amount of money in the 5.5% account, how much money did she initially placed in each account?
Treasury Bill ( T-Bills ) is a short-term investment product ( from 91 days to 365 days) backed by the Bank of Ghana on behalf of the Government. When you buy one, you are essentially lending money to the government of Ghana. Treasury Bills are one of the safest forms of investment in Ghana because they are backed by the Government of Ghana and are considered risk-free. Upon maturity, the government will repay the amount it borrowed ( your investment ) with the determined interest rate given at the time of the investment. With this information in mind, a student from Ghana Communication Technology University decided to invest her GH¢24,500.00. She divided the money into three different accounts. At the end of 2020, she had made GH¢1,300.00 in interest. The 91-days yield on each of the three accounts was 4%, 5.5% and 6%. If the amount of money in the 4% account was four times the amount of money in the 5.5% account, how much money did she initially placed in each account?
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Treasury Bill ( T-Bills ) is a short-term investment product ( from 91 days to 365 days)
backed by the Bank of Ghana on behalf of the Government. When you buy one, you are
essentially lending money to the government of Ghana. Treasury Bills are one of the
safest forms of investment in Ghana because they are backed by the Government of
Ghana and are considered risk-free. Upon maturity, the government will repay the amount
it borrowed ( your investment ) with the determined interest rate given at the time of the
investment. With this information in mind, a student from Ghana Communication
Technology University decided to invest her GH¢24,500.00. She divided the money into
three different accounts. At the end of 2020, she had made GH¢1,300.00 in interest. The
91-days yield on each of the three accounts was 4%, 5.5% and 6%. If the amount of money
in the 4% account was four times the amount of money in the 5.5% account, how much
money did she initially placed in each account?
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