Question 640283

After inheriting some money, a man wants to invest enough to have annual income of $5,000.  If he can invest $20,000 at 9% interest, how much more will have to be invested at 7% in order to reach the goal?


Let amount he must invest at 7% to reach his goal be S
Then: {{{.09(20000) + .07S = 5000}}}
{{{1800 + .07S = 5000}}}
{{{.07S = 5000 - 1800}}}
{{{.07S = 3200}}}


S, or amount he should invest at 7% in order to meet his goal = {{{3200/.07}}}, or ${{{highlight_green(45714.29)}}}


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