Boxell Associates has $7400 invested at 5.5% simple interest. After money was withdrawn, $242 was earned for one year on the remaining funds. How much was withdrawn?Boxell Associates has $7400 invested at 5.5% simple interest. After money was withdrawn, $242 was earned for one year on the remaining funds. How much was withdrawn?

ganolrifv9

ganolrifv9

Answered question

2022-07-26

Boxell Associates has $7400 invested at 5.5% simple interest. After money was withdrawn, $242 was earned for one year on the remaining funds. How much was withdrawn?

Answer & Explanation

kamphundg4

kamphundg4

Beginner2022-07-27Added 20 answers

let x be money withdrawn
( 7400 x ) 5.5 100 = 242 x = 7400 242000 55 x = 165000 55 = 3000money withdrawn = 3000

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