Problema Solution
If $3300 is invested at 6% annual simple interest, how much should be invested at 9% annual simple interest so that the total yearly income for both investments is 828?
To accumulate $828 income, $_____ should be invested at 9%?
Answer provided by our tutors
let x = the amount invested at 9% annual simple interest
0.06*3300 + 0.09x = 828
by solving we find
x = $7,000
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To accumulate $828 income, $7,000 should be invested at 9%.