Concept explainers
The invested at each rate if Reggie’s total annual interest is $900.
Reggie invests at 7% annual interest
Reggie invests at 8.5% annual interest
Given:
Reggie invests $12000, part at 7% annual interest and part at 8.5% annual interest.
Concept Used:
The formula for Simple Interest (SI) is “(principal) x (rate of interest) x (time period) divided by 100” or
Calculation:
Reggie total invests = $12000 Let Reggie invests at 7% annual interest
So, Reggie invests at 8.5% annual interest
Reggie’s total annual interest is
As Simple Interest
So, Reggie invests at 7% annual interest-
And, Reggie invests at 8.5% annual interest-
Chapter 1 Solutions
PRECALCULUS:GRAPH...-NASTA ED.(FLORIDA)
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