Jamaal is planning to invest up to 15000 in city bank or, Ask an Expert

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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 $_____

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92745941

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