SOLUTION: If an amount of $9,000 is invested at a simple interest rate of
3 1/2%
interest per year, how much additional money (in dollars) must be invested at a simple interest rate of
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-> SOLUTION: If an amount of $9,000 is invested at a simple interest rate of
3 1/2%
interest per year, how much additional money (in dollars) must be invested at a simple interest rate of
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Question 1203605: If an amount of $9,000 is invested at a simple interest rate of
3 1/2%
interest per year, how much additional money (in dollars) must be invested at a simple interest rate of 5% per year to ensure that the interest each year is 4% of the total amount invested? Found 2 solutions by ikleyn, greenestamps:Answer by ikleyn(52754) (Show Source):
You can put this solution on YOUR website! If an amount of $9,000 is invested at a simple interest rate of 3 1/2% interest per year,
how much additional money (in dollars) must be invested at a simple interest rate of 5% per year
to ensure that the interest each year is 4% of the total amount invested?
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Let x be the value under the problem question (= an additional amount to invest at 5%).
From one side, these two amounts of $9000 and x dollars generate the total annual interest
of 0.035*19000 + 0.05x dollars.
From the other side, we want to have the total annual interest of 0.04(9000+x) dollars.
So, we write this equation
0.035*9000 + 0.05x = 0.04(9000+x) dollars.
Now simplify and find x
0.035*9000 + 0.05x = 0.04*9000 + 0.04x
0.05x - 0.04x = 0.04*9000 - 0.035*9000
0.01x = 45
x = 45/0.01 = 4500.
ANSWER. An additional amount to invest at 5% is 4500 dollars.
