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Let x = the additional amount to be invested at 2%. The problem is:
5% of $29,000 + 2% of $x = 3% of ($29,000 + $x) Let's put this into an equation so you can solve for x. First, convert the percentages to their equivalent decimals. (2% = 0.02, 3% = 0.03, 5% = 0.05)
Simplify and solve for x.
Subtract 870 from both sides.
Subtract 0.02x from both sides.
Finally, divide both sides by 0.01
The additional amount required is $58,000