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Guy with the Hat
Lv 5
Guy with the Hat asked in Science & MathematicsMathematics · 10 years ago

I made an investment of $6000 at an annual simple interest rate of 5.5%?

I made an investment of 6000 at an annual simple interest rate of 5.5%. How much additional money must she invest at an annual simple interest rate of 10% in order for the total annual interest earned to be 7% of the investment?

I can't quite set up the equation.

6000(.055) + .10x = (6000[.055] + .10x)(.07)?

Please help

Update:

Thanx once again Mike!

2 Answers

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  • ?
    Lv 7
    10 years ago
    Favorite Answer

    6000(.055) + .10x = (6000+x)*0.07

    0.03x = 90

    x = $3000

  • ?
    Lv 7
    10 years ago

    6000 * 0.055 + 0.1 x = (6000 + x) * 0.07

    . . . now solve for x

    you should find x = 3000

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