SOLUTION: A businessman has invested $100,000 at 8% and $150,000 at 12% simple interest. At what rate must he invest $200,000 for him to earn 10% overall?
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Question 804476: A businessman has invested $100,000 at 8% and $150,000 at 12% simple interest. At what rate must he invest $200,000 for him to earn 10% overall?
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
10% overall is
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and
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Let = the simple interest rate at
which $200,000 is invested
= the interest earned
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The $200,000 must be invested at 9.5% in
order to earn 10% overall
-----------------
check:
OK
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