How much should he invest in each bank to earn the most


Jamaal is planning to invest up to $15000 in City Bank or State Bank. He wants to invest at least $3000 in City Bank, but not more than $13000; since State Bank does not insure more than $11000, he wants to invest no more than this amount in State Bank. The interest at City Bank is 7 %, and the interest at State Bank is 11 %. How much should he invest in each bank to earn the most interest? What is the maximum amount of interest that Jamaal can earn?

He should invest $___ in city bank and $____ in state bank

The maximum amount of interest that jamaal can earn is $_____

Request for Solution File

Ask an Expert for Answer!!
Financial Management: How much should he invest in each bank to earn the most
Reference No:- TGS02702757

Expected delivery within 24 Hours