Problema Solution
Helen Weller invested $10,000 in an account that pays 10% APR. How much additional money must be invested in an account that pays an APR of 13% so that the total interest is equal to the interest on the two investments at the rate of 11%?
Answer provided by our tutors
10000
10% interest=1000
additional amount =x
13% interest=0.13x
but total interest is 11%
so, 1000+0.13x=0.11(10000+x)
1000+0.13x=1100+0.11x
0.02x=100
x=100/0.02
x=5000.