Solved: Finance A small software corporation borrowed
Chapter 1, Problem 1.2.47(choose chapter or problem)
Finance A small software corporation borrowed $500,000 to expand its software line. The corporation borrowed some of the money at 3%, some at 4%, and some at 5%. Use a system of equations to determine how much was borrowed at each rate when the annual interest was $20,500 and the amount borrowed at 4% was 2 1 2 times the amount borrowed at 3%. Solve the system using matrices.
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