SOLUTION: After inheriting some money, a woman wants to invest enough to have an annual income of $5,000. If she can invest $20,000 at 8% annual interest, how much more will she have to inve
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Question 779124: After inheriting some money, a woman wants to invest enough to have an annual income of $5,000. If she can invest $20,000 at 8% annual interest, how much more will she have to invest at 6% to achieve her goal? (See the table. Round your answer to the nearest cent.)
x = $ Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! Interest @8% +interest@6%=5000
let investment @6% be x
0.08*20000+0.06x = 5000
1600+0.06x=5000
0.06x=5000-1600
0.06x=3400
x=3400/0.06
$56,666.67
