3 years ago

Jake has $4,000 invested at 8% annual interest. He has $2,800 more to invest. At what rate

Mathematics

1 answer:

schepotkina [342]3 years ago

3 0

Step-by-step explanation:

with $4,000 invested, Jake has

8% × $4,000 = $320 annually.

in order to have annual interest $628, he has to get more interest $(628-320) = $308.

the rate should be:

308/2800 × 100%

= 308 /2800 × 100%

= 11%

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