An algebra student has won $100.000 in a lottery and wishes to deposit it in savings account in two financial institutions. One account pays 8% simple interest, but deposits are insured only to $50.000. The second account pays 6.4% simple interest, and deposits are insured up to $100.000. Determine whether the money can be deposited do that it is fully insured and earns annual interest of $7500.

It is therefore not possible to insure and earn interest on $7500

Explanation:

Total amount deposited is $100.000 in to finance institutions given FinA and Fin B

FinA pays 8% on only deposits insured to $50.000

FinB pays 6.4% on only deposits insured to $100.00

To determine if the money can be deposited we to ain an interest of $7500

Let $x be amount deposited in FinA and $(100.000-x) be the amount deposited in FinB.

x thus we cant insure full amount

Annual interest is $[(8/100*x)+(6.4/100*(100.000-x))

= (2/125*x+640)

Thus since x

(2/125*x) (2/125*50.000)

(2/125*x)8

c

explanation:

c because the item on a bank statement is also referred to as an account statement. in addition, it provides the beginning balance, ending balance, statement date, transaction date for each transaction, payee, customer name and address, statement period, the account holder's account number, and the bank's customer service number