SOLUTION: Tom invested 13,000.00 for one year, part at 9 percent annual interest and the rest at 7 percent annual interest. How much must he invest at 9 percent to get $1000.00 in interest i
Algebra ->
Algebra
-> Customizable Word Problem Solvers
-> Finance
-> SOLUTION: Tom invested 13,000.00 for one year, part at 9 percent annual interest and the rest at 7 percent annual interest. How much must he invest at 9 percent to get $1000.00 in interest i
Log On
Question 3285: Tom invested 13,000.00 for one year, part at 9 percent annual interest and the rest at 7 percent annual interest. How much must he invest at 9 percent to get $1000.00 in interest in a year? Answer by sujatha.krishna(11) (Show Source):
You can put this solution on YOUR website! Interest = Principal *%Rate * Number of years
So 1000 = x * 9/100 * 1
x * 9 * 1
----------- = 1000
100
x = 100000/9
x= 11111.11
So he must invest 11,111.11 for a year at 9% rate to get 1000.00 as interest !!
(