Allen received a paycheck for $500. He spent $200 for rent, $55 for food, and $20 for gas. Now, he has only $175 left. How much
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Answer:
$12 000 in Portfolio 1 and $13 000 in Portfolio 2
Step-by-step explanation:
The formula for simple interest is
I = Prt
For each portfolio, t = 1 yr
For Portfolio 1, i = 5.25 % = 0.0525
For Portfolio 2, i = 4 % = 0.04
Let x = amount invested in Portfolio 1. Then
25 000 - x = amount invested in Portfolio 2 and
25 000 - x = 25 000 - 12 000 = 13 000
So, $12 000 is invested in Portfolio 1 and $13 000 is invested in Portfolio 2.
Check:
OK.