How to write thirty-one hundreths in numerical form
1 answer:
You might be interested in
Answer:
The amount of money that should be invested at the rate of 5.25% is $12,000 and the amount money that should be invested at the rate of 4% is $13,000
Step-by-step explanation:
we know that
The simple interest formula is equal to
where
I is the Final Interest Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
Let
x ------> the amount of money that should be invested at the rate of 5.25%
25,000-x -----> the amount money that should be invested at the rate of 4%
in this problem we have
substitute in the formula above
Solve for x
therefore
The amount of money that should be invested at the rate of 5.25% is $12,000 and the amount money that should be invested at the rate of 4% is $13,000