SOLUTION: Willie invests 10,000 at 8 and 1/2%, how much additional money must he invest at 7% so that his total annual income from these investments may equal 8% of the principal
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Question 718629: Willie invests 10,000 at 8 and 1/2%, how much additional money must he invest at 7% so that his total annual income from these investments may equal 8% of the principal Answer by ankor@dixie-net.com(22740) (Show Source):
You can put this solution on YOUR website! Willie invests 10,000 at 8 and 1/2%, how much additional money must he invest at 7% so that his total annual income from these investments may equal 8% of the principal
:
Let x = amt of money at 7% required to accomplish this
:
.085(10000) + .07x = .08(x+10000)
850 + .07x = .08x + 800
850 - 800 = .08x - .07x
50 = .01x
x = 50/.01
x = $5000 additional $ invested at 7%
