SOLUTION: Urgent: A man has 20,000 invested at 7% and 50,000 at 4% simple interest. What additional amount must he invest at 6% to give him an overall return of 5%
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Question 915850: Urgent: A man has 20,000 invested at 7% and 50,000 at 4% simple interest. What additional amount must he invest at 6% to give him an overall return of 5%
Answer by JoelSchwartz(130) (Show Source): You can put this solution on YOUR website!
x=additional amount invested at six percent
20,000*.07+50,000*.04+.06x=.05(70,000+x)
1400+2000+.06x=3500+.05x
3400+.06x=3500+.05x
3400+.01x=3500
.01x=100
x=10,000
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