SOLUTION: AMadge invested $2,500 at 8% interest for one year. She has an additional $8,000 to deposit. At what rate must she invest the $8,000 to end the year with a total balance of exact

Question 817073: AMadge invested $2,500 at 8% interest for one year. She has an additional $8,000 to deposit. At what rate must she invest the $8,000 to end the year with a total balance of exactly $11,540?
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
AMadge invested $2,500 at 8% interest for one year. She has an additional $8,000 to deposit. At what rate must she invest the $8,000 to end the year with a total balance of exactly $11,540?
$2,500 at 8%
8000@x%
Balance = interest + investment
investment = 8000+2500 = 10500
Balance = 11540
so she has to earn an interest of 11540-10500=1040
Interest equation
2500*8%+8000*x%= 1040
200+80x=1040
80x=1040-200
80x=840
x=840/80
x=10.5%

RELATED QUESTIONS
Jane has $10 000 to invest. She invested part of it in a term deposit that pays 4% per... (answered by checkley71)

A woman has $5,000 invested at 8% annual interest. At what rate must she invest an... (answered by TimothyLamb)

I am also stuck on this interest problem, I tried working it out with a system of... (answered by josgarithmetic)

A person wishes to deposit $5,000 per year in a savings account which earns interest of 8 (answered by ikleyn)

Nancy invested a sum of money at 6%. She invested a second sum, $500 more than the first... (answered by macston)

cheers bruno invested a certain amount at 8% annual rate for 2 years to gain an interest... (answered by ikleyn)

A girl invested $10,000 for one year, part at 8% annual interest and the rest at 12%... (answered by addingup)

Marcia has $18,000 to invest in two different investment. she invested $10,000 at 4%... (answered by ikleyn)

A businessman has invested $100,000 at 8% and $150,000 at 12% simple interest. At what... (answered by josmiceli)