SOLUTION: Please help me in this inequality problem.
David has $15.000 to invest. He invests $10.000 in a mutual fund that pays 12% annual simple interest. If he wants to make at least $22
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Question 692339: Please help me in this inequality problem.
David has $15.000 to invest. He invests $10.000 in a mutual fund that pays 12% annual simple interest. If he wants to make at least $2200 in yearly interest , at what minimum rate does the remainder of the money need to be invested?
Answer by MathTherapy(10552) (Show Source): You can put this solution on YOUR website!
Please help me in this inequality problem.
David has $15.000 to invest. He invests $10.000 in a mutual fund that pays 12% annual simple interest. If he wants to make at least $2200 in yearly interest , at what minimum rate does the remainder of the money need to be invested?
Let rate that $5,000 ($15,000 – 10,000) need to be invested at, be r
Then: .12(10,000) + r(5,000) ≥ 2,200
1,200 + 5,000r ≥ 2,200
5,000r ≥ 2,200 – 1,200
5,000r ≥ 1,000
r, or rate to invest $5,000 ≥ , or %
OR
$5,000 need to be invested at a certain rate in order to make $1,000 ($2,200 - 1,200). This is then written as: r(5,000) ≥ 1,000. Solve for r and the rate is found.
You can do the check!!
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