Minnie has invested $5000 at 2% annual interest. How much more must she invest at 3% so that her annual income is at least $1,000?

Question

Quizplus · Accepted Answer

To earn at least $1,000 annually, the total interest from both investments must be $1,000. The interest from the $5000 at 2% is $100. Therefore, she needs $900 more from the 3% investment. Let x be the amount to invest at 3%. Then, 0.03x = 900, so x = 30,000.

Minnie Has Invested $5000 at 2% Annual Interest