SOLUTION: Charlie earns $4,900 in simple interest on a sum of money invested for 5 years at a 7% interest rate. How much simple interest would he have earned if he had invested the same sum
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Question 632198: Charlie earns $4,900 in simple interest on a sum of money invested for 5 years at a 7% interest rate. How much simple interest would he have earned if he had invested the same sum of money for 6 years at a 6% interest rate? Answer by graphmatics(170) (Show Source):
You can put this solution on YOUR website! Let x be the amount of money invested. Then we know that 5(.07x)=4900 so x=4900/(5*.07). X=4900/.35. X=14000. So for 6 years at .06 percent we have. 6(.06)14000=5040
