SOLUTION: Please help me to solve this problem. A company invests a total of $30,000 or surplus funds at two annual rates of interest : 5% and 6.75%. It wishes an annual yield of no less tha
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Question 459585: Please help me to solve this problem. A company invests a total of $30,000 or surplus funds at two annual rates of interest : 5% and 6.75%. It wishes an annual yield of no less than 6.5%. What is the least amount of money that the company must invest at the 6.75% rate? Answer by lwsshak3(11628) (Show Source):
You can put this solution on YOUR website! Please help me to solve this problem. A company invests a total of $30,000 or surplus funds at two annual rates of interest : 5% and 6.75%. It wishes an annual yield of no less than 6.5%. What is the least amount of money that the company must invest at the 6.75% rate?
..
let x=$ invested at 6.75% rate
$30000-x=$invested at 5% rate
.0675x+.05(30000-x)≥.065(30000)
.0675x+1500-.05x≥1950
.0175x≥450
x≥450/.0175
x≥25714.29
ans:
The least amount of money that the company must invest at the 6.75% rate=$25714.28
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