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April 24, 2014

Homework Help: Pre-Calculus

Posted by Bruce on Thursday, December 2, 2010 at 10:15am.

.  Margaret is planning to invest up to $22,000 in certificates of deposit at City Bank and People’s Bank.  She wants to invest at least $2,000 but no more than $14,000 at City Bank.  People’s Bank does not insure more than a $15,000 investment, so she will invest no more than that in People’s Bank.  The interest is 6% at City Bank and 6½% at Peoples Bank.  This is simple interest for one year.  How much should she invest in each bank in order to maximize her income?  What is the maximum income?

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