SOLUTION: The annual interest on an $20,000 investment exceeds the interest earned on an $11,000 investment by $780. The $20,000 is invested at a 0.3% higher rate of interest than the $11,0
Question 1165172: The annual interest on an $20,000 investment exceeds the interest earned on an $11,000 investment by $780. The $20,000 is invested at a 0.3% higher rate of interest than the $11,000. What is the interest rate of each investment? Answer by ikleyn(52866) (Show Source): You can put this solution on YOUR website! .
Let "r" be the lower interest rate (as a decimal);
then the higher interest rate is (r + 0.003).
From the condition, you have this equation
20000*(r + 0.003) - 11000*r = 780 dollars.
Solve it and find "r". Then evaluate (r+0.003).