Jamaal is planning to invest up to $18000 in City Bank or State Bank. He wants t

Question

Jamaal is planning to invest up to $18000 in City Bank or State Bank. He wants to invest at least $3000 in City Bank, but not more than $9000; since State Bank does not insure more than $13000, he wants to invest no more than this amount in State Bank. The interest at City Bank is 8%, and the interest at State Bank is 11%. How much should he invest in each bank to earn the most interest? What is the maximum amount of interest that Jamaal can earn? He should invest $ in City Bank and $ in State Bank. The maximum amount of interest that Jamaal can earn is $ .

Explanation / Answer

State bank City bank 13000 5000 11% 8% 1430 400 Total interest $1830

Related Questions

Navigate

• Browse (All)
• Browse J
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.