Question

Jamaal is planning to invest up to $16,000 in City Bank or State Bank. He wants to invest atleast $2000 in City Bank, but not more than $6000; since State Bank does not insure more than $13,000, 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 9%. How much should he invest in each bank to earn the most interest?

Answer 1

0.816 is the answer

Answer 2

in both banks ? @ihavemathquestions

Answer 3

You obviously want the account with the most interest, so max out the amount invested with State Bank first (up til the given limit)

then use the left over funds and invest them in City Bank

Answer 4

thanks @jim_thompson5910