SOLUTION: tim invested $80,000 in two plans. plan 1 is at an APR of 7% and plan 2 is at an APR of 12%. if he invested $7000 less in plan 1 than in plan 1, how much can he expect to earn in o
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Question 1072099: tim invested $80,000 in two plans. plan 1 is at an APR of 7% and plan 2 is at an APR of 12%. if he invested $7000 less in plan 1 than in plan 1, how much can he expect to earn in one year? Answer by jorel1380(3719) (Show Source):
You can put this solution on YOUR website! Let n be the amount invested in plan 1. Then the amount invested in plan 2 would be n+7000. So:
n+n+7000=80000
2n=73000
n=36500
n+7000=43500
So tim's expected earnings are:
36500(.07)+43500(.12)=$7775.00 earnings in one year. ☺☺☺☺
