document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=131665>Question 131665</A>This question is from textbook <A HREF=http://www.amazon.com/exec/obidos/ASIN/0131444425/algebrahomeworkh></A><BR>\n" );
document.write( ": <I><SPAN STYLE=\"word-break: break-all;\"> A financial planner has a client with $15,000 to invest. If he invests $10,000 in a certificate of deposit paying 11% annual simple interest, at what rate does  the remainder of the money need to be invested so that the two investments together yield at least $1600 in yearly interest? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #96121 by </B><A HREF=/tutors/aboutme.mpl?userid=ptaylor><B>ptaylor(2198)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=ptaylor><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=ptaylor><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=96121\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Interest(I) equals Principal(P) times Rate(R) times Time(T) or I=PRT\r<BR>\n" );
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document.write( "Let R=rate that remainder of money needs to be invested\r<BR>\n" );
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document.write( "$10,000 is invested at 11%<BR>\n" );
document.write( "Interest at 11%=$10,000*0.11*1=$1100<BR>\n" );
document.write( "And $5000 is invested at R%<BR>\n" );
document.write( "Interest at R%=$5000*R*1=$5000R\r<BR>\n" );
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document.write( "Now we are told that the two investments together need to yield at least $1600, so our equation to solve is:\r<BR>\n" );
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document.write( "$1600=$1100+$5000R  subtract $1100 from both sides\r<BR>\n" );
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document.write( "$1600-$1100=$5000R collect like terms\r<BR>\n" );
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document.write( "$500=$5000R divide both sides by $5000\r<BR>\n" );
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document.write( "R=0.1 or 10%\r<BR>\n" );
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document.write( "CK\r<BR>\n" );
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document.write( "0.11*$10,000+0.10*$5000=$1600<BR>\n" );
document.write( "$1100+$500=$1600<BR>\n" );
document.write( "$1600=$1600\r<BR>\n" );
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document.write( "Hope this helps---ptaylor </SPAN>\n" );
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