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Jake has $4,000 invested at 8% annual interest. He has $2,800 more to invest. At what rate
must he invest the $2,800 to have a total annual interest of $628?

Sagot :

ferrybukantoro

Step-by-step explanation:

with $4,000 invested, Jake has

8% × $4,000 = $320 annually.

in order to have annual interest $628, he has to get more interest $(628-320) = $308.

the rate should be:

308/2800 × 100%

= 308 /2800 × 100%

= 11%

semsee45

Answer:

11%

Step-by-step explanation:

Simple Interest Formula

I = Prt

where:

  • I = interest earned
  • P = principal
  • r = interest rate (in decimal form)
  • t = time (in years)

Given:

  • P = $4,000
  • r = 8% = 0.08
  • t = 1 year

To calculate the interest Jake will earn on his initial investment of $4,000 substitute the given values into the formula and solve for I:

[tex]\implies \sf I=4000(0.08)(1)=320[/tex]

As he wants to have a total annual interest of $628, he must earn the following interest on his second investment:

[tex]\implies \sf 628-320=308[/tex]

Given:

  • I = $308
  • P = $2,800
  • t = 1 year

To calculate the interest rate for the $2,800 investment, substitute the given values into the formula and solve for r:

[tex]\implies \sf 308=2800(r)(1)[/tex]

[tex]\implies \sf r=\dfrac{308}{2800}[/tex]

[tex]\implies \sf r=0.11[/tex]

[tex]\implies \sf r=11\%[/tex]

Therefore, Jake must invest $2,800 at the rate of 11%.

Learn more about simple interest here:

https://brainly.com/question/27743947

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