Barbara invests TK. 24,00 in the National Bank at 5%. How much additional money must she invest at 8% so that the total annual income will be equal to 6% of her entire investment.?
Created: 5 years ago |
Updated: 2 years ago
best des
We can let x = the amount of money invested at 8%, making her entire investment equal to (2,400 + x). We can create the following equation:
0.05(2,400) + 0.08x = 0.06(2,400 + x)
= > 120 + 0.08x = 144 + 0.06x
= > 0.02x = 24
= > 2x = 2400
∴x = 1,200
Md Azizur Rahman
Founder of Satt
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