IDNLearn.com connects you with experts who provide accurate and reliable answers. Find accurate and detailed answers to your questions from our experienced and dedicated community members.
Sagot :
Answer:
$4,562.5
Step-by-step explanation:
The amount Arvin has to invest, P = $10,000
The interest paid on the investment in the term deposit = 5%/year
The interest paid om the investment in Canada savings bonds = 3.4%/year
The amount Arvin earned at the of the year as simple interest, A = $413
Let, x, represent the amount Arvin invested in the term deposit and let, y, represent the amount he invested in Canada savings bonds, we can get the following system of equations
x + y = 10,000...(1)
0.05·x + 0.034·y = 413...(2)
Making y the subject of equation (1) and substituting the value in equation (2), we get;
From equation (1), we get, y = 10,000 - x
Plugging the above value of y in equation (2) gives;
0.05·x + 0.034 × (10,000 - x) = 413
∴ 0.05·x - 0.034·x + 340 = 413
x = (413 - 340)/(0.05 - 0.034) = 4,562.5
Therefore, the amount Arvin invested in the term deposit at 5%, x = $4,562.5
(y = 10,000 - x
∴ y = 10,000 - 4,562.5 = 5,437.5
The amount Arvin invested in Canada savings bonds, y = $5,437.5.)
We appreciate your contributions to this forum. Don't forget to check back for the latest answers. Keep asking, answering, and sharing useful information. Thank you for visiting IDNLearn.com. We’re here to provide clear and concise answers, so visit us again soon.
