A foundation invests $55,000 at simple interest, a part at 7%, twice that amount at 4%, and the rest at 5.5%. What is the most that the foundation can invest at 4% and be guaranteed $2920 in interest per year? The foundation can invest at most $ at 4% (Simplify your answer.)

A foundation invests $55,000 at simple interest, a part at 7%, twice that amount at 4%, and the rest at 5.5%. What is the most that the foundation can invest at 4% and be guaranteed $2920 in interest per year? The foundation can invest at most $ at 4% (Simplify your answer.)

Algebra: Structure And Method, Book 1

(REV)00th Edition

ISBN:9780395977224

Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole

Publisher:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole

Chapter7: Applying Fractions

Section7.3: Equations With Fractional Coefficient

Problem 14P

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Question

A foundation invests $55,000 at simple interest, a part at 7%, twice that amount at 4%, and the rest at 5.5%. What is
the most that the foundation can invest at 4% and be guaranteed $2920 in interest per year?
The foundation can invest at most $
at 4%
(Simplify your answer.)

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