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Harry deposits $2400 in an account that pays 7% simple interest and $3500 in a second account that has a higher interest rate but is more risky. What interest rate must he get on the second account in order to earn at least $800 in interest for one year?

Respuesta :

Answer:

18.0571%

Explanation:

Simple interest = principal x time x year

simple interest on the first investment = $2400  x 0,07 x 1 = $168

in order to earn at least $800 , he must earn $800 - $168 = $632 in the second investment

$632 = $3500 x r x 1

r = $632 / $3500 = 0,180571 = 18.0571%

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