College Algebra 7th Edition

Published by Brooks Cole
ISBN 10: 1305115546
ISBN 13: 978-1-30511-554-5

Chapter P, Prerequisites - Section P.9 - Modeling with Equations - P.9 Exercises - Page 70: 26


$2000 at 5.5%

Work Step by Step

Ben will invest \$4000 at 4% and an unknown amount $x$ at 5.5%. This needs to equal the interest from investing the total amount (\$4000+x) at 4.5%: $4000*0.04+x*0.055=(4000+x)*0.045$ We solve for $x$: $160+x*0.055=180+x*0.045$ $x*0.01=20$ $x=2000$ Thus Ben needs to invest \$2000 at 5.5%.
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