An investment yielded an interest payment of $350 each month when the annual interest rate was 9%, what is the amount of the investment that should be invested with an annual interest rate of 8% if We want to gain 15% more each month?  Select:
A) $60,375 B) $50,400 C) $41,300 D) $32,500 E) $25,100
An investment yielded an interest payment of $350 each month when the annual interest rate was 9%, what is the amount of the investment that should be invested with an annual interest rate of 8% if We want to gain 15% more each month?   Based on first statement the total interest earned = 350 * 12 = Principal * interest rate(9/100)   No need to solve for principal here, just continue....   So find the new principal for revised interest rate and 10% more interest, so 350 * 12 * 1.15 = Principal * interest rate (8/100)   solving for Principal = 60,375   $60,375nswer is $60,375 : 60,375
<result>A</result>
An investment yielded an interest payment of $350 each month when the annual interest rate was 9%, what is the amount of the investment that should be invested with an annual interest rate of 8% if We want to gain 15% more each month?