kyle plans to invest $6000, part at 5% simple interest and the rest at 6% simple interest. what is the most that he can invest 5% and still be guaranteed at least $320 in interset per year ?
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Expert's answer
2013-02-15T05:53:04-0500
For example, he invests $X at 5% simple interest and& $Y at 6% simple interest: X + Y = 6000 0.05X + 0.06Y = 320 From the first equation: Y = 6000 - X From the second: 0.05 + 0.06(6000 - X) = 320 0.01X = 0.06*6000-320 = 40 Thus, we obtain X = 4000 Answer: $4000
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