SOLUTION: I need help setting up an equation for a word problem and solving it. I have to use a formula p*r*t=I can you help me?
Irma invests $2600 in a corporate bond paying 8.4% int
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Question 561721: I need help setting up an equation for a word problem and solving it. I have to use a formula p*r*t=I can you help me?
Irma invests $2600 in a corporate bond paying 8.4% interest per year. at what rate must she invest an additional $1800 so that her annual interest will be $339?
Can you please help me with this?
Answer by TutorDelphia(193) (Show Source): You can put this solution on YOUR website!
I=p*r*t
Irma invests $2600 (p) in a corporate bond paying 8.4% (r) interest per year.
I=2600*.084*1
I=218.4
I'm using 1 for time since it says annual interest later.
So far her interest is $218.40. She needs 339 so that's $120.60 interest from her other investment
120.60=1800*r*1
.067=r
So she needs a rate of 6.7%
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