A women receives "$20,000 & invests part into a GIC paying 6% interest & the rest into a money market fund paying 4%. She earns $1040 per year in interest. How much did she invest in the money market fund?
Answers:
This is a simulataneous equation question
Suppose you invest x% in GIC and y% in money market, then the equations are
1200x + 800y = 1040
x + y = 1
Solving the equation should produce the result.
400y=160
y = 160/400=0.4 and x = 0.6
so in GIC 12000 and in mm 8000.
The answer is $8,000. $12,000 x .06 (6 percent) = $720. $20,000 minus the 12,000 = $8,000. 8,000 x .04 = $320.
Add the 720 and the 320 and you get $1,040.
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
More Related Questions and Answers...
Does anyone know how to get a job as a stock trader?
Which online broker honestly helps its customer participate in IPOs?
Where can i find prices for live cattle?
What are some GOOD foreign stocks 4 now 2 buy shares at low cost??
Whats a penny stock?
Do you use a forex trading journal? Which?
How often is interest compounded on CDs?
How can insitutional ownership be over 100%?
What do commodities traders do? What is their role in the stock market?