SOLUTION: John invested $7500 at 10.4% simple interest for one year. How much additional money must he invest at a simple interest rate of 14% so that the total interest earned is 12% of th
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Question 568939: John invested $7500 at 10.4% simple interest for one year. How much additional money must he invest at a simple interest rate of 14% so that the total interest earned is 12% of the total investment ?
Answer by lwsshak3(11628) (Show Source): You can put this solution on YOUR website!
John invested $7500 at 10.4% simple interest for one year. How much additional money must he invest at a simple interest rate of 14% so that the total interest earned is 12% of the total investment ?
**
let x=additional money John must invest at 14%
7500+x=total investment
..
10.4%*7500+14%x=12%(7500+x)
780+.14x=900+.12x
.02x=120
x=6000
ans:
additional money John must invest at 14%=$6000
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