Mathematics, 12.10.2020 21:01 dennisedemirovic20
John inherited $25,000 and invested part of it in a money market account, part in municipal bonds, and part in a mutual fund. After one year, he received a total of $1,620 in simple interest from the three investments. The money market paid 6% annually, the bonds paid 7% annually, and the mutual fund paid 8% annually. There was $6,000 more invested in the bonds than the mutual funds.
β’ Identify your variables.
β’ Write an equation that shows the total amount invested in each category.
β’ Write an equation that shows the interest rate paid in each category.
β’ Write an equation that shows the comparison of the funds.
β’ Solve the equation.
β’ How much did John invest in each category.
Answers: 2
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John inherited $25,000 and invested part of it in a money market account, part in municipal bonds, a...
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