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Question 178291: I need some help with this problem. I have worked it several diffrent ways and can not come up with the answer.
If $2000 is invested at 10% simple annual interest, how much should be invested at 12% annual simple interest so that the total yearly income from both investments is $5000?
THis is the way I tried it
.12x+.1(2000-x)=5000
.12x+200-.1x=5000
.02x+200=5000
-200 -200
.02x=4800
x=240,000
I know that is not the correct answer because of the value.
Any help with this is greatly appreciated!!
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! If $2000 is invested at 10% simple annual interest, how much should be invested at 12% annual simple interest so that the total yearly income from both investments is $5000?
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Equation:
interest + interest = interext
0.10*2000 + 0.12x = 5000
Multiply thru by 100 to get:
10*2000 + 12x = 500000
12x = 480000
x - $40,000 (amt. that must be invested at 12%)
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Cheers,
Stan H.
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