QC question

[n2o*]

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Mark has $7200 invested, part at 4% and the rest at 5%. If the annual income from both investments is the same, what is the income from his investments?

Pls do explain the solution to this problem.

 

[714guy]

Mark has $7200 invested, part at 4% and the rest at 5%. If the annual income from both investments is the same, what is the income from his investments?

Pls do explain the solution to this problem.

Heres my my shot . . .

First let X = $ invested @ 4% or .04 then 7200 - x = $ invested @ 5% or .05

Next since the returns on the investment are the same --> (X) * .04 = (7200-x)* .05 then solve for x, x = 4000 so thats the amount invested at 4%, therefore 3200 @ 5%.

now you just find the return, 4000 * .04 = 160 and 3200 * .05 = 160 so total return = $320

 

[786mine]

Mark has $7200 invested, part at 4% and the rest at 5%. If the annual income from both investments is the same, what is the income from his investments?

Pls do explain the solution to this problem.

Total investment = 7200
X amount income from 4%
X amount income from 5%
(X same because, If the annual income from both investments is the same )

total interest: 9%

(7200*4)/9 = 3200 invested at 5%
and
(7200*5)/9 = 4000 invested at 4%

COUNTER CHECK:

income from 3200 at 5% = 160
(3200/100 * 5 = 160)

income from 4000 at 4% = 160
(4000/100 * 4 = 160)


Total income from both the investments is the same. Hope this helps.