Question

$5,000 is invested at 3% interest. How much money must be invested at 5% interest so that the total interest from the two investments is $275 after one year?

a) $2,000
b) $2,500
c) $3,000

Answer 1

$2,500 is your answer

Step-by-step explanation:

i got is correct on my test.

Answer 2

Option (b)

Step-by-step explanation:

In the given problem, an amount of $5000 was invested at the interest rate of 3%.

Hence forth, 3% interest on 5,000 =
`(5000 * 3)/(100)` = 150

275 (the total amount wanted) - 150 (from initial investment)= 125

Let X be the money must be invested to attain the objective

Therefore, X (5%) =125

That implies X (0.05)= 125

X=
`(125)/(0.05)`

which gives, X=2500

hence it is in need to invest 2500 at 5% to get the additional 125

therefore, 125 + 150= 275 .