SOLUTION: After inheriting some money, a man wants to invest enough to have annual income of $5,000. If he can invest $20,000 at 9% interest, how much more will have to be invested at 7% in
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Question 640283: After inheriting some money, a man wants to invest enough to have annual income of $5,000. If he can invest $20,000 at 9% interest, how much more will have to be invested at 7% in order to reach the goal? Found 2 solutions by sachi, MathTherapy:Answer by sachi(548) (Show Source):
You can put this solution on YOUR website! let him invest x at 7%
so the annual income
x*7%+20000*9%=5000
or 7x+180000=5000*100=500000
or x= (500000-180000)/7=4574.29 ans
You can put this solution on YOUR website!
After inheriting some money, a man wants to invest enough to have annual income of $5,000. If he can invest $20,000 at 9% interest, how much more will have to be invested at 7% in order to reach the goal?
Let amount he must invest at 7% to reach his goal be S
Then:
S, or amount he should invest at 7% in order to meet his goal = , or $
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