SOLUTION: An investmentnof $1200 earns $96 each year, at the same rate, how much additional money must be invested to earn $128.00 each year?

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Question 164260: An investmentnof $1200 earns $96 each year, at the same rate, how much additional money must be invested to earn $128.00 each year?
Answer by jojo14344(1513) About Me  (Show Source):
You can put this solution on YOUR website!

Remember: I=PR, working eqn
where: I=interest; P=principal; R=rate
We'll get the Rate first accdg. to 1st scenario:
Via working eqn,
96=1200%28R%29
R=96%2F1200*100%
R=8%
So,
For the 2nd scenario:
128=P%280.08%29
P=128%2F0.08=1600, Total amount needed
Therefore, 1600-1200=highlight%28400%29, ANSWER. Additional money needed to have interest total of $128 per year
Thank you,
Jojo