Math Problem! Please help
2 answers:
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Given:
Total amount for investment = $32000
Rate of interest for Stock A = 4%
Rate of interest for Stock B = 7%
Jim is hoping to earn $2,000 in interest.
To find:
The amount of investments in Stock A and Stock B.
Step-by-step explanation:
Let amount of investments in Stock A = $x
Amount of investments in Stock B = $y
Total amount for investment = $32000
...(i)
Rate of interests in Stock A and Stock B are 4% and 7%. Total interests is $2000.
...(ii)
From (i) and (ii), we get
Divide both sides by -0.03.
Put x=8000 in (i).
Therefore, the amount of investments in Stock A and Stock B are $8000 and $24000 respectively.