Seven years after paying $6288 for shares in a new company, you sell the shares for $12,454.
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Answer:
The amount invested in gold bullion by Mr. Eliot = $50,000
Step-by-step explanation:
Total amount of savings Me. Eliot ha s = $150,000
Let us assume the amount invested in gold bullion = $m
So, the amount invested in bank = $150,000 - m
Now, 5% on m =
So, the profit in gold bullion = 0.05 m
and 3% on (150,000 -m) =
= 4,500 - 0.03 m
So, the profit in bank = 4,500 - 0.03 m
Now, the total profit = $5,500
⇒Profit from gold bullion + ban = $5,500
⇒0.05 m + 4,500 - 0.03 m = $5,500
or, 0.02 m = 1000
⇒ m = 1000/0.02 = 50,000
Hence, the amount invested in gold bullion = m = $50,000