SOLUTION: A man has ₱ 2,000 invested at 7% and ₱ 5,000 at 4% simple interest. What additional amount must he invest at 6% to give him an overall of 5%?

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Question 789847: A man has ₱ 2,000 invested at 7% and ₱ 5,000 at 4% simple interest. What additional amount must he invest at 6% to give him an overall of 5%?
Answer by Edwin McCravy(20054) About Me  (Show Source):
You can put this solution on YOUR website!
A man has ₱ 2,000 invested at 7% and ₱ 5,000 at 4% simple interest. What additional amount must he invest at 6% to give him an overall of 5%?

Answer = ₱ x 

Investments     | Rate |   Interest
------------------------------------------
  ₱ 2,000       | .07  | ₱ .07(2000)
  ₱ 5,000       | .04  | ₱ .04(5000)
  ₱ x           | .06  | ₱ .06(x)
------------------------------------------
₱(2000+5000+x)  | .05  | ₱ .05(2000+5000+x)

₱ .07(2000) + ₱ .04(5000) + ₱ .06(x) = ₱ .05(2000+5000+x)
      .07(2000) + .04(5000) + .06(x) = .05(2000+5000+x)
                    140 + 200 + .06x = .05(7000+x)
                          340 + .06x = 350 + .05x
                                .01x = 10
                                   x = 10%2F.01
                                   x = 1000

Answer: ₱ 1,000

Edwin