SOLUTION: Boxell Associates has $7,400 invested at 5.5% simple interest. After money was withdrawn, $242 was earned for one year on the remaining funds. How much was withdrawn?
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Question 1152618: Boxell Associates has $7,400 invested at 5.5% simple interest. After money was withdrawn, $242 was earned for one year on the remaining funds. How much was withdrawn?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
I=prt
x was withdrawn so p=7400-x
242=(7400-x)*.055*1
242=407-0.055x
0.055x=165
x=$3000 withdrawn
and $4400 at 5.5%=$242.
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