Question 945083: a man has 2,000 invested at 7% and 5,000 at 4% simple interest. What additional amount must he invest at 6% to give him an overall of 5%?
Answer by ankor@dixie-net.com(22740)   (Show Source):
You can put this solution on YOUR website! a man has 2,000 invested at 7% and 5,000 at 4% simple interest.
What additional amount must he invest at 6% to give him an overall of 5%?
:
let a = additional amt required to accomplish this
The total amt invested now = $7000
:
.07(2000) + .04(5000) + .06a = .05(a + 7000)
140 + 200 + .06a = .05a + 350
340 + .06a = .05a + 350
.06a - .05a = 350 - 340
.01a = 10
a = 10/.01
a = $1000 added to make this true
:
:
You can confirm this for yourself, calculate:
.07(2000) + .04(5000) + .06(1000) = .05(1000 + 7000)
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