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August 29, 2015

Homework Help: Algebra

Posted by Steph on Monday, February 1, 2010 at 9:55pm.

an algebra student won $115,000 in a lottery and wishing to deposit it in savings accounts in two financial institutions. One account pays 7.9% simple interest but only insures $60,000. The second account pays 6.9% simple interest and deposits are insured up to $100,000. Determine the maximum amount of annual interest the student can earn while keeping all money insured.

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