Question

Kyle plans to invest $8000 , part at 6 % simple interest and the rest at 7 % simple interest. What is the most that he can invest at 6 % and still be guaranteed at least $510 in interest per year?

Answer 1

To find the maximum amount that Kyle can invest at 6% and still be guaranteed at least $510 in interest per year, we need to use the formula for simple interest, and solve the resulting equations.

Step-by-step explanation:

To find the maximum amount that Kyle can invest at 6% and still be guaranteed at least $510 in interest per year, we need to use the formula for simple interest: Interest = Principal * Rate * Time. Let x be the amount Kyle can invest at 6%, and y be the amount he can invest at 7%. We have the following two equations:

x + y = $8000

0.06x ≥ $510

Solving the first equation for y, we get y = $8000 - x. Substituting this value into the second equation, we have:

0.06x ≥ $510

0.06x ≥ $510

x ≥ $8500

Therefore, the maximum amount that Kyle can invest at 6% and still be guaranteed at least $510 in interest per year is $8500.