SOLUTION: Jerry and Lucy have $29,000 invested in stocks paying 5%. How much additional money should they invest in certificates of deposit paying 2% so that the total return on the two inve

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Question 25383: Jerry and Lucy have $29,000 invested in stocks paying 5%. How much additional money should they invest in certificates of deposit paying 2% so that the total return on the two investments is 3%?
I have tried so many solutions and can't figure it out
Answer by Earlsdon(6294) About Me  (Show Source):
You can put this solution on YOUR website!
Let x = the additional amount to be invested at 2%. The problem is:
5% of $29,000 + 2% of $x = 3% of ($29,000 + $x) Let's put this into an equation so you can solve for x. First, convert the percentages to their equivalent decimals. (2% = 0.02, 3% = 0.03, 5% = 0.05)
0.05%2829000%29+%2B+0.02x+=+0.03%2829000%2Bx%29 Simplify and solve for x.
1450+%2B+0.02x+=+870+%2B+0.03x Subtract 870 from both sides.
580+%2B+0.02x+=+0.03x Subtract 0.02x from both sides.
580+=+0.01x Finally, divide both sides by 0.01
58000+=+x
The additional amount required is $58,000
Check:
0.05%2829000%29+%2B+0.02%2858000%29+=+1450+%2B+1160 = $2,610
0.03%2829000+%2B+58000%29+=+0.03%2887000%29 = $2,610