Question 265597: if ben invests 4000 at 4% interest per year, how much additional money must he invest at 5.5% annual interest to ensure that the interest he receives each year is 4.5% of the total amount invested?
Found 2 solutions by checkley77, josmiceli:
Answer by checkley77(12844)   (Show Source):
You can put this solution on YOUR website! .055*4,000+.04x=.045(4,000+x)
220+.04x=180+.045x
.04x-.045x=180-220
-.005x=-40
x=-40/-.005
x=$8,000 more needs to be invested @ 4% to reach the goal of 4.5% of the total.
Proof:
.055*4,000+.04*8,000=.045(4,000+8,000)
220+320=.045*12,000
540=540
Answer by josmiceli(19441)  (Show Source):
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