SOLUTION: If Ben ivests $4000 at 4% interest per year,how much additional money must he invest at 5 1/2% annual interest to ensure that the interest he receives each year is 4 1/2% of the to
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-> SOLUTION: If Ben ivests $4000 at 4% interest per year,how much additional money must he invest at 5 1/2% annual interest to ensure that the interest he receives each year is 4 1/2% of the to
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Question 672627: If Ben ivests $4000 at 4% interest per year,how much additional money must he invest at 5 1/2% annual interest to ensure that the interest he receives each year is 4 1/2% of the total amount invested? Answer by ankor@dixie-net.com(22740) (Show Source):
You can put this solution on YOUR website! If Ben invests $4000 at 4% interest per year, how much additional money must he
invest at 5 1/2% annual interest to ensure that the interest he receives each
year is 4 1/2% of the total amount invested?
:
let x = amt of additional money required
:
.055x + .04(4000) = .045(x+4000)
.055x + 160 = .045x + 180
.055x -.045x = 180 - 160
.010x = 20
x =
x = $2000 of additional money
:
:
To check this find the interest from each amt
.055(2000) + .040(4000) = $270
Find the interest from the total; $6000
.045(6000) = $270
