SOLUTION: An investmentnof $1200 earns $96 each year, at the same rate, how much additional money must be invested to earn $128.00 each year?
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Question 164260: An investmentnof $1200 earns $96 each year, at the same rate, how much additional money must be invested to earn $128.00 each year?
Answer by jojo14344(1513) (Show Source): You can put this solution on YOUR website!
Remember: , working eqn
where: ; ;
We'll get the first accdg. to 1st scenario:
Via working eqn,
*100%
R=8%
So,
For the 2nd scenario:
, Total amount needed
Therefore, , ANSWER. Additional money needed to have interest total of $128 per year
Thank you,
Jojo
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