SOLUTION: A deposit of $4000 is made into an account that earns 11% annual simple interest. How much additional money must be deposited into an account that pays 14% annual simple interest s
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Question 939307: A deposit of $4000 is made into an account that earns 11% annual simple interest. How much additional money must be deposited into an account that pays 14% annual simple interest so that the total interest earned is 12% of the total investment? Answer by ankor@dixie-net.com(22740) (Show Source):
You can put this solution on YOUR website! A deposit of $4000 is made into an account that earns 11% annual simple interest.
How much additional money must be deposited into an account that pays 14% annual simple interest so that the total interest earned is 12% of the total investment?
:
let x = amt of additional money at 14%, required to do this
then
(x+4000) = the total investment
:
write an equation using the decimal equiv of per cent
.11(4000) + .14x = .12(x+4000)
440 + .14x = .12x + 480
.14x - .12x = 480 - 440
.02x = 40
x = 40/.02
x = $2000 addition at 14%
:
:
You can check this for yourself, replace x with 2000 in the original equation
