Investments If Ben invests $4000 at 4% interest per year, how much additional money must he invest at 5 1 2 % annual interest to ensure that the interest he receives each year is 4 1 2 % of the total amount invested?
Investments If Ben invests $4000 at 4% interest per year, how much additional money must he invest at 5 1 2 % annual interest to ensure that the interest he receives each year is 4 1 2 % of the total amount invested?
Investments If Ben invests $4000 at 4% interest per year, how much additional money must he invest at
5
1
2
%
annual interest to ensure that the interest he receives each year is
4
1
2
%
of the total amount invested?
Expert Solution & Answer
To determine
To find: The additional amount invested at
512% per year.
Answer to Problem 22E
The additional amount invested at
512% per year is $2000.
Explanation of Solution
Given:
The amount invested at 4% rate is $4000 and the total amount invested at rate of
412%.
Calculation:
Let the additional amount invested at
512% rate be x and the total amount invested on
412% rate be
4000+x.
Tabulate the given information into the language of algebra.
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