Answer:
$6750 in the bank account and $20,250 in the stock fund
Step-by-step explanation:
If B is the money they put in the bank and S is the amount they put in the stock fund, then:
B + S = 27000
1.024 B + 1.072 S = 1.06 × 27000
Solving the system of equations:
1.024 (27000 − S) + 1.072 S = 28620
27648 − 1.024 S + 1.072 S = 28620
0.048 S = 972
S = 20250
B = 27000 − S
B = 6750
They should put $6750 in the bank account and $20,250 in the stock fund.
Answer:
1.) r>-3/4 and 2.) 157<-1
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