SOLUTION: Tom invested 13,000.00 for one year, part at 9 percent annual interest and the rest at 7 percent annual interest. How much must he invest at 9 percent to get $1000.00 in interest i
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-> SOLUTION: Tom invested 13,000.00 for one year, part at 9 percent annual interest and the rest at 7 percent annual interest. How much must he invest at 9 percent to get $1000.00 in interest i
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Question 3285: Tom invested 13,000.00 for one year, part at 9 percent annual interest and the rest at 7 percent annual interest. How much must he invest at 9 percent to get $1000.00 in interest in a year? Found 3 solutions by sujatha.krishna, Tanzina ahamed, Alan3354:Answer by sujatha.krishna(11) (Show Source):
You can put this solution on YOUR website! Interest = Principal *%Rate * Number of years
So 1000 = x * 9/100 * 1
x * 9 * 1
----------- = 1000
100
x = 100000/9
x= 11111.11
So he must invest 11,111.11 for a year at 9% rate to get 1000.00 as interest !!
You can put this solution on YOUR website! Sujata u have answered wrong in this soln.If anyone want the steps pls contact with me.Anyways the right answer is 4500.
You can put this solution on YOUR website! Tom invested 13,000.00 for one year, part at 9 percent annual interest and the rest at 7 percent annual interest. How much must he invest at 9 percent to get $1000.00 in interest in a year?
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Amt = amount at 9%
Amt*0.09 + (13000 - Amt)*0.07 = 1000
0.02*Amt + 910 = 1000
Amt = 90/0.02 = $4500
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