Question 105081: I have two questions
#1-After inheriting some money, a woman wants to invest enough to have an annual income of $5,000. If she can invest $20,000 at 9% annual interest, how much more will she have to invest at 7% to achieve her goal?
#2-Equal amounts are invested at 6%, 7%, and 8% annual interest, if the three investments yield total of $2,037 annual interest, find the total investment.
Answer by checkley75(3666)   (Show Source):
You can put this solution on YOUR website! .09*20,000+.07X=5,000
1,800+.07X=5,000
.07X=5,000-1,800
.07X=3,200
X=3,200/.07
X=45,714.29 IS THE AMOUNT INVESTED @ 7% TO ACHIEVE THE REQUIRED INCOME.
PROOF
.09*5,000+.07*45,714.29=5,000
1,800+3,200=5,000
5,000=5,000
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.06X+.07X+.08X=2,037
.21X=2,037
X=2,037/.21
X=9,700 INVESTED @ EACH RATE OF 6%, 7% & 8%.
3*9,700=29,100 IS THE TOTAL AMOUNT INVESTED.
PROOF
.06*9,700+.07*9,700+.08*9,700=2,037
582+679+776=2,037
2,037=2,037
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