SOLUTION: You received a year-end bonus of $17000 and invested it at 6.5%. How much additional money would you need to invest at 5% so that the return on the investments would be 6%
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Question 145270: You received a year-end bonus of $17000 and invested it at 6.5%. How much additional money would you need to invest at 5% so that the return on the investments would be 6%
Answer by 24HoursTutor.com(40) (Show Source): You can put this solution on YOUR website!
Let additional money to be invested be x
So, the equation becomes
17000*6.5% + x*5% = (17000+x)*6%
1105 + 0.05x = 1020 + 0.06x
0.01x = 85
x = 8500
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