Jamaal is planning to invest up to $21000 in City Bank or State Bank. He wants to invest at least 54000 in City Bank, but not more than $8000, since State Bank does not insure more than $14000, he wants to invest no more than this amount in State Bank. The interest at City Bank is 7%, and the interest at State Bank is 8%. How much should he nvest in each bank to earn the most interest?

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26-06-2024
Business

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Jamaal is planning to invest up to $21000 in City Bank or State Bank. He wants to invest at least 54000 in City Bank, but not more than $8000, since State Bank does not insure more than $14000, he wants to invest no more than this amount in State Bank. The interest at City Bank is 7%, and the interest at State Bank is 8%. How much should he nvest in each bank to earn the most interest?

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