SOLUTION: tim invested $88,000 in two plans. plan 1 is at an APR of 8% and plan 2 is at an APR of 11%. if he invested $6000 less in plan 2 than in plan 1, how much can he expect to earn in o
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-> SOLUTION: tim invested $88,000 in two plans. plan 1 is at an APR of 8% and plan 2 is at an APR of 11%. if he invested $6000 less in plan 2 than in plan 1, how much can he expect to earn in o
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Question 186416: tim invested $88,000 in two plans. plan 1 is at an APR of 8% and plan 2 is at an APR of 11%. if he invested $6000 less in plan 2 than in plan 1, how much can he expect to earn in one year? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! tim invested $88,000 in two plans. plan 1 is at an APR of 8% and plan 2 is at an APR of 11%. if he invested $6000 less in plan 2 than in plan 1, how much can he expect to earn in one year?
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Equation:
y + x = 88000
y - x = 6000
2y = 94000
y = 47000 (Plan 1 investment)
Then x = 41000 (Plan 2 investment)
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interest = 0.08*47000 + 0.11*41000
Do the arithmetic
Cheers,
Stan H.
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