SOLUTION: A professor wants to supplement her pension with investment interest. If she invests $25,000 at 6% interest, how much more would she have to invest at 7% to achieve a goal of $2,41

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Question 404763: A professor wants to supplement her pension with investment interest. If she invests $25,000 at 6% interest, how much more would she have to invest at 7% to achieve a goal of $2,410 per year in supplemental income?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
A professor wants to supplement her pension with investment interest. If she invests $25,000 at 6% interest, how much more would she have to invest at 7% to achieve a goal of $2,410 per year in supplemental income?
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Equation:
0.06*25000 + 0.07x = 2410
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Multiply thru by 100 to get:
6*25000 + 7x = 241000
7x = 241000-150000
7x = 91000
x = 13000 (amt to invest at 7%)
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Cheers,
Stan H.