SOLUTION: Boxell Associates has $7,400 invested at 5.5% simple interest. After money was withdrawn, $242 was earned for one year on the remaining funds. How much was withdrawn?
Algebra ->
Finance
-> SOLUTION: Boxell Associates has $7,400 invested at 5.5% simple interest. After money was withdrawn, $242 was earned for one year on the remaining funds. How much was withdrawn?
Log On
Question 1152618: Boxell Associates has $7,400 invested at 5.5% simple interest. After money was withdrawn, $242 was earned for one year on the remaining funds. How much was withdrawn? Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! I=prt
x was withdrawn so p=7400-x
242=(7400-x)*.055*1
242=407-0.055x
0.055x=165
x=$3000 withdrawn
and $4400 at 5.5%=$242.
