SOLUTION: Solve the problem. Helen Weller invested $15,000 in an account that pays 12% simple interest. How much additional money must be invested in an account that pays 15% simple interest
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Question 276925: Solve the problem. Helen Weller invested $15,000 in an account that pays 12% simple interest. How much additional money must be invested in an account that pays 15% simple interest so that the total interest is equal to the interest on the two investments at the rate of 13%? Answer by solver91311(24713) (Show Source):
Let represent the additional amount. The amount of interest earned on the initial $15K is given by . The amount of interest earned on the additional amount is given by . The effective amount of interest desired for the aggregate investment is given by
