MathDB
Investing 10,000 Dollars

Source:

February 14, 2009

Problem Statement

A man has $10,000 \$10,000 to invest. He invests $4000 \$4000 at 5% 5\% and $3500 \$3500 at 4% 4\%. In order to have a yearly income of $500 \$500, he must invest the remainder at: <spanclass=latexbold>(A)</span> 6%<spanclass=latexbold>(B)</span> 6.1%<spanclass=latexbold>(C)</span> 6.2%<spanclass=latexbold>(D)</span> 6.3%<spanclass=latexbold>(E)</span> 6.4% <span class='latex-bold'>(A)</span>\ 6\% \qquad<span class='latex-bold'>(B)</span>\ 6.1\% \qquad<span class='latex-bold'>(C)</span>\ 6.2\% \qquad<span class='latex-bold'>(D)</span>\ 6.3\% \qquad<span class='latex-bold'>(E)</span>\ 6.4\%