Solve the problem.
-You inherit $56,000 from a very wealthy grandparent, with the stipulation that for the first year, the money must be invested in two stocks paying 4% and 10% annual interest, respectively. How much should be invested At each rate if the total interest earned for the year is to be $3200?
A) $26,000 invested at 4%; $30,000 invested at 10%
B) $30,000 invested at 4%; $26,000 invested at 10%
C) $16,000 invested at 4%; $40,000 invested at 10%
D) $40,000 invested at 4%; $16,000 invested at 10%
Correct Answer:
Verified
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