An algebra student has won $100.000 in a lottery and wishes to deposit it in savings account in two financial institutions. One account pays 8% simple interest, but deposits are insured only to $50.000. The second account pays 6.4% simple interest, and deposits are insured up to $100.000. Determine whether the money can be deposited do that it is fully insured and earns annual interest of $7500.

It is therefore not possible to insure and earn interest on $7500

Explanation:

Total amount deposited is $100.000 in to finance institutions given FinA and Fin B

FinA pays 8% on only deposits insured to $50.000

FinB pays 6.4% on only deposits insured to $100.00

To determine if the money can be deposited we to ain an interest of $7500

Let $x be amount deposited in FinA and $(100.000-x) be the amount deposited in FinB.

x thus we cant insure full amount

Annual interest is $[(8/100*x)+(6.4/100*(100.000-x))

= (2/125*x+640)

Thus since x

(2/125*x) (2/125*50.000)

(2/125*x)8

explanation: doctrine of respondeat superior is a legal doctrine that is commonly used in tort. this principle makes an employer or principal legally responsible for the wrongful acts done by an employee or agent, if such acts occur within the scope of the employment or agency.

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