SOLUTION: An investment of $2000 is made at an annual simple interest rate of 5.5%. How much additional money must be invested at an annual simple interest rate of 7% so that the total inter
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Question 908036: An investment of $2000 is made at an annual simple interest rate of 5.5%. How much additional money must be invested at an annual simple interest rate of 7% so that the total interest earned is 6% of the total investment?
Answer by richwmiller(17219) (Show Source): You can put this solution on YOUR website!
one investment all 3 rates
0.055*2000+0.07(x)=0.06(2000+x)
Multiply out.
110.0+0.07(x)=120+0.06x
combine like terms
0.01x=10.0
isolate x
x=10.0/0.01
Divide
x=1000.0
check
0.055*2000+0.07(x)=0.06(2000+x)
110.0+0.07*1000=0.06(2000+1000)
110.0+70=0.06(3000)
180.0=180
ok
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