An investor has GH¢40M to invest for a year at a simple interest rate. If part...
Homework Answers
Let x millions has been invested in 8% rate. Then:
0.08*x + 0.12*(40 - x) = 0.11*40
4.8 - 0.04x = 4.4
0.04x = 0.4
x = 10
So,
Investment in 8% rate = $10 million
Investment in 12% rate = $40 - $10 = $30 million
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