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Description of Interest and the Time Value of Money

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. 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