Seth is planning to invest $20,000 of his money. He is investing it in two banks. Seth invested 7,000 in Bank A, which gives an interest rate of 4%. If Seth wants to accumulate $1,280 in interest after one year, what rate must bank B offer for Seth to accomplish this yield

Question

07-03-2017
Mathematics

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Seth is planning to invest $20,000 of his money. He is investing it in two banks. Seth invested 7,000 in Bank A, which gives an interest rate of 4%. If Seth wants to accumulate $1,280 in interest after one year, what rate must bank B offer for Seth to accomplish this yield

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faithelaine faithelaine · Answer 1 · 2017-03-07T17:37:11+01:00

In bank A, after one year this would be the amount in the bank:

$7,000 x 1.04 = $7280.

He has gained %280 interest. This means you'd need $1000 interest from bank B.
$13,000 would go into bank B...
If Seth's interest rate was 8.69% you could calculate the interest as:

(13000 x 1.0869) - 13,000 = $1129.70 which is a little much (but who'd complain).

This means the interest is lower than this, if it was 7.69% you could just substitute it into the same equation to find that he would get $999.70 interest. This isn't exactly $1000 but it is the most accurate answer to the nearest $100 :) He would then get $1279.70 interest altogether.. just 30 cents short