Posted by Shameka Lee
on 9/20/2008, 6:19 pm
71.176.2.212
Having problems solving interest word problems or mixture word problems.
This is from a work sheet that instuctor gave.
A man decided to invest the $15,000 inheritance he received so that he could use the annual interest earned to pay the annual taxes on his home, which are $1,200. The highest bank rate that he could find as 6% annual simple rate, but this is not high enough to make the $1,200. So, instead of investing all the money at the bank, he invested some of the money in a risker, but more profitable, investment offering 10% return. How much should the man invest in each account to make exactly $1,200 in one year?
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