Question

A professor wants to supplement her pension with investment interest. if she invests $35,000 at 7% interest, how much more would she have to invest at 8% to achieve a goal of $4,370 per year in supplemental income?

Answer 1

Hi there
35000×0.07+0.08x=4370
Where x is the amount invested at 8%
Now solve for x
2450+0.08x=4370
0.08x=4370-2450
0.08x=1,920
X=1,920÷0.08
X=24,000.....answer

Good luck!