Problema Solution
After inheriting some money, a woman wants to invest enough to have an annual income of $5,000. If she can invest $20,000 at 8% annual interest, how much more will she have to invest at 6% to achieve her goal?
Answer provided by our tutors
let 'x' represent the amount invested at 6%
interest = principal * rate * time
we take time to be equal to
5000 = 0.08(20000) + 0.06x
solving for 'x' we have x=56666.7
she will have to invest approximately $56,667 at 6%