November 25, 2015

Homework Help: Algebra 2

Posted by Kelsie on Wednesday, December 15, 2010 at 6:07pm.

A man is planning to invest up to $22,000in bank X or bank Y or both. He wants to invest at least $2,000 but no more than $14,000 in bank X. Bank Y doesn't insure more than a $15,000 investment so he will not invest no more than that in bank Y. The intrest in bank X is 6% and in bank Y it is 6 1/2% and this will be simple intrest for one year. How much should he invest in each bank to maximize his income? What is the maximum income?

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