SOLUTION: After inheriting some money, a women 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 inv

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Question 107496This question is from textbook College Algebra
: After inheriting some money, a women 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? This question is from textbook College Algebra

Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
Let's call M what she needs to invest at 7%. Then,
20000%280.09%29%2BM%280.07%29=5000
1800%2B0.07M=5000
0.07M=3200
M=3200%2F0.07
M=45714.29
She'll have to put an additional $45,714.29 at 7% to reach her goal.