SOLUTION: $480,000 is invested at 6%. How much additional amount of money must be invested at 7% so that the total annual income will be $53,300?
Algebra.Com
Question 909469: $480,000 is invested at 6%. How much additional amount of money must be invested at 7% so that the total annual income will be $53,300?
Answer by richwmiller(17219) (Show Source): You can put this solution on YOUR website!
0.06*480000+0.07*y=53300
28800+0.07*y=53300
0.07*y=24500
y=24500/0.07
y=350000
check
0.06*480000+0.07*350000=53300
ok
RELATED QUESTIONS
Mr. Walsh invested $16,000 at 7%. How much additional money must he invest at 4% so that... (answered by stanbon)
A family invested $10,000 at 8% annual interest. How much additional money must be... (answered by mananth)
If $4000 is invested at 6%, how much must be invested at 3% so that the total annual... (answered by chitra)
If 500 is invested at 6% interest, how much additional money must be invested at 9% so... (answered by checkley77)
If bonnie invests $24,000 at 3% interest per year, how much additional money must she... (answered by Mathtut)
An investmest of $5600 is made at an annual simple interest of 6.5%. How much additional... (answered by stanbon)
if $2500 is invested at 2% interest, how much money must be invested at 7% so that the... (answered by jim_thompson5910)
An investment of $3,000 is made at an annual simple interest of 5%. How much additional... (answered by Theo)
An investment of $4500 is made at an annual simple interest rate of 4.8%. How much... (answered by rfer)