Question 568939
John invested $7500 at 10.4% simple interest for one year. How much additional money must he invest at a simple interest rate of 14% so that the total interest earned is 12% of the total investment ?
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let x=additional money John must invest at 14%
7500+x=total investment
..
10.4%*7500+14%x=12%(7500+x)
780+.14x=900+.12x
.02x=120
x=6000
ans:
additional money John must invest at 14%=$6000