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Ted inherited $5700 last year and invested part of it at a
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10 Sep 2020, 16:48
10 Sep 2020, 16:48
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Question Stats:
42% (02:40) correct
57% (01:10) wrong based on 7 sessions
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Ted inherited $5700 last year and invested part of it at a 10% annual return and the other part at a 5% annual return. If Ted earned $428 with the first investment, what was his total income for the year?
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Re: Ted inherited $5700 last year and invested part of it at a
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22 Sep 2020, 10:32
22 Sep 2020, 10:32
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Farina wrote:
Ted inherited $5700 last year and invested part of it at a 10% annual return and the other part at a 5% annual return. If Ted earned $428 with the first investment, what was his total income for the year?
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6342
Weak question.
Presumably, the "first investment" refers to the one with the 10% annual return.
If Ted earned $428, then he must have invested $4280, since 10% of $4280 = $428
$5700 - $4280 = $1420
So, the remaining $1420 was invested in the other option (with a 5% annual return)
5% of $1420 = $71
What was his total income for the year?
So, inheritance + profit = income?
If so, the income = $5700 + $428 + $71 = $6199
Does match the "official" answer....ugh
Assumptions: 1 year passed from the initial investment. I'm assuming this, since we're not told this. For example, "Ted inherited $5700 last year" could mean the inheritance arrived on December 29th, 2019.
"What was his total income for the year?" For what year? 2019? The year since the investment was made?
Re: Ted inherited $5700 last year and invested part of it at a
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19 Jul 2023, 03:53
19 Jul 2023, 03:53
anyone please explain?
