SOLUTION: An investmest of $5600 is made at an annual simple interest of 6.5%. How much additional money must be invested at an annual simple interest rate of 9% so that the total interest e
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Question 86932: An investmest of $5600 is made at an annual simple interest of 6.5%. How much additional money must be invested at an annual simple interest rate of 9% so that the total interest earned is 8% of the total investment.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
An investmest of $5600 is made at an annual simple interest of 6.5%. How much additional money must be invested at an annual simple interest rate of 9% so that the total interest earned is 8% of the total investment.
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Amt. invested at 6.5% = $5600 : interest on this is 0.065*5600 = $364.00
Amt invested at 9% = x dollars: interest on this is 0.09x dollars
Amt invested at 8% = (5600+x) ; interest on this is 0.08(5600+x) = 448+0.08x
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EQUATION:
interest + interest = interest
364 + 0.09x = 448+0.08x
0.01x = 84
x = $8400 (Amt that must be invested at 9%)
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Cheers,
Stan H.
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