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18 December, 14:17

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?

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  1. 18 December, 14:45
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    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!
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