Question

If $1,500 is invested at 3% interest, how much money must be invested at 6% so that the total return for both investments is $195?

Answer 1

Answer:

$2,500

Explanation:

The computation is shown below:

Given that

Invested amount = $1,500

Rate of interest = 3%

Total return for both investments = $195

Rate = 6%

As we can see that

= $1,500 × 3%

= $45

Let us assume the money be invested be X

So, the equation is

$45 + 0.06X = $195

0.06X = $195 - $45

0.06X = $150

X = $2,500

So the money must be invested is $2,500