To calculate: the amount Mr.Bahn invested at 7%.
Answer to Problem 20STP
Mr.Bahn invested $8000 at 7%
Explanation of Solution
Given information:
Mr.Bahn has $20,000 to invest
He invests part at 6%and rest at 7%
He earns $1280 in interest within a year.
Formula used:
Simple interest
rrepresents rate of interest
t represents time (year)
Calculation:
Let the amount invested at 7 % be x
Therefore amount invested at 6% is
Yearly earn at 7 %
Yearly earn at 6 %
Equate total yearly earn
Therefore,
Mr.Bahn invested $8000at 7%
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