SOLUTION: You have already invested $550 in a stock with an annual return of 11%. How much more should be invested at 15% so that the return on the total investment is 12%?

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Question 668425: You have already invested $550 in a stock with an annual return of 11%. How much more should be invested at 15% so that the return on the total investment is 12%?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
You have already invested $550 in a stock with an annual return of 11%. How much more should be invested at 15% so that the return on the total investment is 12%?
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Equation:
interest + interest = interest
0.11*550 + 0.15x = 0.12(550+x)
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11*550 + 15x = 12*550 + 12x
3x = 550
x = 183.33 (amt. to be invested at 15%)
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Cheers,
stan H.