An investment of $3000 is made at an annual simple interest rate of 5%. How much additional money must be invested at an annual simple interest rate of 9% so that the total annual interest earned is 7.5% of the total investment?
Additional money invested is $ 5000.
#Initial investment = $3000
Interest = 5%
Yield from Initial investment =
Additional Investment = x
interest = 9%
Yield from Additional Investment =
Total Investment ( Initial investment + Yield from Additional Investment)
Rate of return from total investment = 7.5%
Yield from Total investment
Yield from Total investment = Yield from Initial investment +Yield from Additional Investment