Problem (4): Jonathan invested the 80% of his money in a bank which offers an in

Question

Problem (4): Jonathan invested the 80% of his money in a bank which offers an interest rate of % per year and the rest of his money to a financial institute which offers an interest rate of 7% the equation that describes the interest of Jonathan's investment in the (ii) What should be the least amount of Jonathan's invested money in the bank, if he must (ii) What will be the total amount of Jonathan's money in a year, if he invested totally per year financial institute in one year? realize an interest more than $200 in a year form the bank? $15,000 in both the bank and the institute?

Explanation / Answer

Total money = X

i)
Interest = 80%*X*4% + 20%*X*7%

ii)

minimum in bank = 200 / 4% = 5000

iii)

Interest = 80%*15000*4% + 20%*15000*7% = 690

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