Asked by Anonymous
Bob has $4000 invested in an account that earns 4.75% simple interest. He has another account that earns 6.5% simple interest. How much is invested in the 6.5% account if it earned $425.10?
Answers
Answered by
Henry
I = r * Po.
I = Interest earned.
r = Annual percentage rate(APR) expressed as a decimal.
Po = Initial investment.
425.10 = 0.065 * Po,
Po = 425.10 / 0.065 = $6540.
I = Interest earned.
r = Annual percentage rate(APR) expressed as a decimal.
Po = Initial investment.
425.10 = 0.065 * Po,
Po = 425.10 / 0.065 = $6540.
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.