an executive invests $29,000 some at 7% and some at 6% annual interest. if he receives an annual return of $1870, how much is invested at each rate?

Answer 1

Solve the two simultaneous equiations:

A + B = 29,000
0.06A + 0.07 B = 1870

A is the amount invested at 6%; B is the amount invested at 7%

Answer 2

Find the cost of a home in 20 years, assuming an annual inflation rate of 2%, if the present value of the house is $280,000. (Round your answer to the nearest cent.