SOLUTION: A professor wants to supplement her pension with investment interest. If she invests $31,000 at 6% interest, how much more would she have to invest at 7% to achieve a goal of $2,56
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Question 343332: A professor wants to supplement her pension with investment interest. If she invests $31,000 at 6% interest, how much more would she have to invest at 7% to achieve a goal of $2,560 per year in supplemental income?
You can put this solution on YOUR website! 31000 at 6%
so interest = 0.06 * 31000
=$1860
Total interest to be earned = $2560
Balance to be earned = $2560-$1860
=$700
..
I= p*r*t
700=p*0.07*1
700/0.07 =p
p= $10,000 This is the investment required.
