A U.S. firm sells merchandise today to a British company for £150,000. The current exchange rate is $1.55/£ , the account is pay
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Answer:
Amount invested @ 5% = $18,500
Amount invested @ 4% = $34,000 - $18,500 = $15,500
Explanation:
Provided we have the following details,
Total investment = $34,000
Let amount invested @ 5% = x
Then, amount invested at 4% = $34,000 - x
Thus,
0.05x + $1,360 - 0.04x = $1,545
0.01x = $1,545 - $1,360 = $185
x = $185/0.01 = $18,500
Thus, amount invested @ 5% = $18,500
Amount invested @ 4% = $34,000 - $18,500 = $15,500