A $500 investment and a $1,500 investment have a combined yearly return of 10 percent of the total ...
A $500 investment and a $1,500 investment have a combined yearly return of 10 percent of the total of the two investments. If the $500 investment has a yearly return of 7 percent, what percent yearly return does the $1,500 investment have?
Answer/Solution
11%
Steps/Work
The equation we can form the question :
Return on Total Investment = Sum of individual Investments
(500+1500)(10)=(500∗7)+(1500x), where x is the return on investment of 1500.
Solving the equation, we get x = 11% ( Option D ) ANSWER:D
Return on Total Investment = Sum of individual Investments
(500+1500)(10)=(500∗7)+(1500x), where x is the return on investment of 1500.
Solving the equation, we get x = 11% ( Option D ) ANSWER:D