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Determine whether the money can be deposited

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Reference no: EM131564762

Question: 9 Savings accounts An algebra student has won $100,000 in a lottery and wishes to deposit it in savings accounts in two financial institutions. One account pays 8% simple interest, but deposits are insured only to $50,000. The second account pays 6.4% simple interest, and deposits are insured up to $100,000. Determine whether the money can be deposited so that it is fully insured and earns annual interest of $7500.

Reference no: EM131564762

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