A man invests his savings in two accounts, one paying 6 percent and the other paying 10 percent simple interest per year. He puts twice as much in the lower- yielding account because it is less risky. His annual interest is 5478 dollars. How much did he invest at each rate? Your answer is total in the account paying 6 percent interest is

A man invests his savings in two accounts, one paying 6 percent and the other paying 10 percent simple interest per year. He puts twice as much in the lower- yielding account because it is less risky. His annual interest is 5478 dollars. How much did he invest at each rate? Your answer is total in the account paying 6 percent interest is

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 4QTD

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