SOLUTION: Mr. Walsh invested $16,000 at 7%. How much additional money must he invest at 4% so that his total annual income will be 5% of his entire investment.
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Question 250757: Mr. Walsh invested $16,000 at 7%. How much additional money must he invest at 4% so that his total annual income will be 5% of his entire investment. Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Mr. Walsh invested $16,000 at 7%. How much additional money must he invest at 4% so that his total annual income will be 5% of his entire investment.
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Let the additional amount be "x":
Equation:
0.07*16000 + 0.04x = 0.05(16000+x)
Multiply thru by 100 to get:
7*16000 + 4x = 5*16000 + 5x
x = 2*16000
x = $32000
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Cheers,
Stan H.
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