Get the information you need quickly and easily with IDNLearn.com. Discover reliable answers to your questions with our extensive database of expert knowledge.
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.)
Thank you for joining our conversation. Don't hesitate to return anytime to find answers to your questions. Let's continue sharing knowledge and experiences! IDNLearn.com has the solutions to your questions. Thanks for stopping by, and see you next time for more reliable information.
