Challenge Problem 4. George went on a game show and won $60,000. He wanted to invest it and found two funds that he liked. Fund
250 earns 15% interest annually, and Fund 100 earns 8% interest annually. George does not want to earn more
than $7,500 in interest income this year. He made the table below to show how he could invest the money.
1
P
Fund 100
0.08
X
1
Fund 250
60,000 - X
0.15
1
Total
7,500
60,000
a. Explain what value x is in this situation.
b. Explain what the expression 60,000 - X represents in this situation.
c Using the simple interest formula, complete the table for the amount of interest carned.
d. Write an inequality to show the total amount of interest earned from both funds.
Use algebraic properties to solve for x and the principal, in dollars, George could invest in Fund 100. Show
your work
Use your answer from part (e) to determine how much George could invest in Fund 250.
Using your answers to parts (e) and (6), how much interest would George earn from each fund?
e.
f.
B-