After Inheriting Some Money A Woman Wants To Invest Enough

Dylan H.

Algebra

3 months, 3 weeks ago

DETAILS MY NOTES ASk Your TEACHER After Inheriting some money woman wants invest enough have annuj Invest 790 income of $5,000_ achieve her goal? (See the table_ Round your answer to the nearest cent ) she can invest 520,000 at 8% annual interest, how much more will she have t0 Type Rate Amount Income 890 Investment Investment 0.07 20,000 08(20,000) 07x

Answer

Solve each problem. After inheriting some money, a woman wants to invest enough to have an annual income of $\$ 5,000 .$ If she can invest $\$ 20,000$ at $9 \%$ annual interest, how much more will she have to invest at $7 \%$ to achieve her goal? (See the table.) (TABLE CANNOT COPY)

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Video Transcript

So this problem lays out everything pretty nicely for you in a little table. Have a lady who inherited some money and wants to invest so that she has an annual income of $5000. We need to figure out she's already invested $20,000 at 9%. We need to figure out how much she has to invest that 7% so that her total income is 5000. So we already know her income that her 9% investment is 90.9 times 20,000. We have an expression for her income at her 7% investments, and we simply need those two when added together to total 5000. So I need to just go ahead and solve for X. So I'm gonna do 0.9 times 20,000 and that equals 1800 plus 0.7 x $5000. Subtract 1800 from both sides minus 1800 means that 0.7 X has to equal 3200. And then I'm gonna divide by 0.7 Divide by 0.7 and let's see 3200 divided by a 32000.7 equals. Uh, we're gonna go ahead and round because it came out to a decimal. 45,000 $715 is how much she would have to invest at 7% for an annual income of $5000.