SOLUTION: If bonnie invests $24,000 at 3% interest per year, how much additional money must she recieve at 7% annual interest to ensure that the interest she receives each year is "6 and 1/4
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Question 178837: If bonnie invests $24,000 at 3% interest per year, how much additional money must she recieve at 7% annual interest to ensure that the interest she receives each year is "6 and 1/4%" of the total amount invested? Answer by Mathtut(3670) (Show Source):
You can put this solution on YOUR website! lets call the amount invested at 7% x , which means the total amount invested is 24000+x
:
.03(24000)+.07x=.0625(24000+x)
:
720+.07x=1500+.0625x
:
.0075x=780
:
$invested at 7%
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