SOLUTION: David has $16,000 to invest. He invests $11,000 in a mutual fund that pays 12% annual simple interest. If he wants to make a t least $2200 in yearly interest, at what minimum rate

Question 104697: David has $16,000 to invest. He invests $11,000 in a mutual fund that pays 12% annual simple interest. If he wants to make a t least $2200 in yearly interest, at what minimum rate does the remainder of the money need to be invested?
This was my hardest one.
Answer by Fombitz(32388) (Show Source): You can put this solution on YOUR website!
Let's call the unknown rate R.
Interest Equation

The rate needs to be at least 17.6%.

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