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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%?

    © BrainMass Inc. brainmass.com October 9, 2019, 7:41 pm ad1c9bdddf
    https://brainmass.com/math/consumer-mathematics/description-of-interest-and-the-time-value-of-money-126342

    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.

    $2.19