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Sagot :
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%
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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