1956 AHSME Problems/Problem 4

Problem #4

A man has $\textdollar{10,000 }$ to invest. He invests $\textdollar{4000}$ at 5% and $\textdollar{3500}$ at 4%. In order to have a yearly income of $\textdollar{500}$, he must invest the remainder at:

$\textbf{(A)}\ 6\%\qquad\textbf{(B)}\ 6.1\%\qquad\textbf{(C)}\ 6.2\%\qquad\textbf{(D)}\ 6.3\%\qquad\textbf{(E)}\ 6.4\%$

Solution

The man currently earns $4000 \cdot \frac{5}{1000} + 3500 \cdot \frac{4}{1000} = 340$ dollars. So, we need to find the value of $x$ such that \[2500 \cdot \frac{x}{1000} = 160.\] Solving, we get $x = \boxed{\textbf{(E)} \quad 6.4\%.}$


See Also

1956 AHSC (ProblemsAnswer KeyResources)
Preceded by
Problem 3
Followed by
Problem 5
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