Question
How can $60,000 be invested, part at 7% annual simple interest and the remainder at 12% annual simple interest, so that the interest earned by the two accounts will be equal?
Answers
Reiny
amount invested at 7% ---- x
amount invested at 12% ---- 60000-x
when is
.07x = .12(6000-x) ?
7x = 12(6000-x)
19x = 72000
x = 3789.47
invest $3789.47 at 7% and $5621.05 at 12%
amount invested at 12% ---- 60000-x
when is
.07x = .12(6000-x) ?
7x = 12(6000-x)
19x = 72000
x = 3789.47
invest $3789.47 at 7% and $5621.05 at 12%