Problema Solution
If $ is invested at 6% annual simple interest how much should be invested at 9% annual simple interest so that the total yearly income from both investments is $1356?
To accumulate $1356 income, how much $ should be invested at 9%?
Answer provided by our tutors
1. If $ is invested at 6% annual simple interest how much should be invested at 9% annual simple interest so that the total yearly income from both investments is $1356?
let
C = the money invested at 6% annual simple interest (a given constant)
y = the money invested at 9% annual simple interest
0.06C + 0.09y = 1356
by solving for y we find
y = (2/3)(22600 - C)
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(2/3)(22600 - C) should be invested at 9% annual simple interest.
2. To accumulate $1356 income, how much $ should be invested at 9%?
let x = the money invested
9% of x = 1356
0.09*x = 1356
by solving we find
x = $15,066.6667
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$15,066.6667 should be invested.