SOLUTION: A professor wants to supplement her pension with investment interest. If she invests $28,000 at 7% interest, how much more would she have to invest at 8% to achieve a goal of $4,20

Algebra ->  Percentage-and-ratio-word-problems -> SOLUTION: A professor wants to supplement her pension with investment interest. If she invests $28,000 at 7% interest, how much more would she have to invest at 8% to achieve a goal of $4,20      Log On


   

Question 1135080: A professor wants to supplement her pension with investment interest. If she invests $28,000 at 7% interest, how much more would she have to invest at 8% to achieve a goal of $4,200 per year in supplemental income?
Answer by ikleyn(52788) About Me  (Show Source):
You can put this solution on YOUR website!
.
She should invest at 8% the amount


    %284200-0.07%2A28000%29%2F0.08 = 28000 dollars,


which is precisely  THE SAME AMOUNT as she invested at 7%.     ANSWER


CHECK.  0.07*28000 + 0.08*28000 = 4200 dollars.   ! The answer is correct !

Answered and solved.