How much money should be invested at 8.8% to make the combined interest 8.4% ?

June 26, 2009 by admin
Filed under: Make Money Online Fast 

,000 is invested in an account earning 8.1% simple annual interest. How much money should be invested at 8.8% to make the combined interest 8.4% ?

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4 Comments on How much money should be invested at 8.8% to make the combined interest 8.4% ?

  1. Murf the Surf on Fri, 26th Jun 2009 3:11 pm

    2. Here's the set up:
    .081(20,000) + .088 (X) = .084 (20,000 + X)
    This works out to:
    1,620 + .088X = 1680 + .084X
    Subtracting 1,620 from both sides:
    .088X = 60 + .084X
    Subtracting .084X from both sides gets:
    .004X = 60
    Dividing both sides by .004 gets
    X = $15,000

  2. RedHatCore on Fri, 26th Jun 2009 3:11 pm

    3. I believe it would be $681.82.

  3. Ravindra P on Fri, 26th Jun 2009 3:11 pm

    4. Applying allegation rule,
    The ratio of 8.8% to 8.1% = 4:3
    => Invest in 8.8% $ 80000/3 = 26666 2/3.

  4. Didn't hire me? Your mistake on Fri, 26th Jun 2009 3:11 pm

    5. Using math rather than some rule, Murf has the correct answer.

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