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    Description of Interest and the Time Value of Money

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    Michael invested $25,000, part at 5% and part at 2%. If the total interest at the end of the year is $980, how much did he invest at 5%?

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    Solution Preview

    Solution. Assume that he invested x dollars at 5% and 25000-x at 2%. Hence, we can set ...

    Solution Summary

    An interest problem is solved.