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Hi everybody.
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So today we're going to be doing yet another graphing, or not graphing, interest rate problem.
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But this time we're going to be working with two separate interest rates.
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So we're given a total of 12 ,000 to invest, and we have two funds, one that has 4 .5 % interest rate, and one that's 5 % interest rate.
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And we want to get an annual interest income of 5 ,000, $560.
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And we want to know what's the least amount we can invest in the 5 % interest rate fund in order to get what we want.
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So for this, our problem will look something like this to start off.
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So there's our initial input plus what we want, and that's our total that we want in the end.
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That's going to be equal to our first initial rate times 1.
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Plus 0 .045, so our 4 .5 % to the power of 1, because this is just going to be for one year, plus our second initial rate times 1 plus 0 .05, our 5 % interest rate, to the power of 1.
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And we're going to need a second equation for this.
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So our values of p1 and p2 have to equal, 12 ,000, because that's as most as you have.
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So to start off, let's go ahead and solve for p1.
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Yeah, p1...