Solve for x. Round to 3 decimal places
2 answers:
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Answer:
Therefore he invested $60,000 at 9% per year and $(210,000-60,000)=$150,000 at 4% per year.
Step-by-step explanation:
Given John plans to invest $210,000 in two different funds. He projects that the moderately high risk investments should return, overtime 9% per year,while low risk investments should return about 4% per year.
He wants a supplemental income of$11,400 a year.
Let , he invested $x at 9% per year and $(210,000-x) at 4% per year.
p = principle , r = rate of interest and t = time
The interest earns at 9% per year=
The interest earns at 4% per year=
According to the problem,
Therefore he invested $60,000 at 9% per year and $(210,000-60,000)=$150,000 at 4% per year.