SOLUTION: The annual interest on a $5000 investment exceeds the interest earned on a $2000 investment by $180. The $5000 is invested at a 0.6% higher rate of interest than the $2000. What
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Question 1047818: The annual interest on a $5000 investment exceeds the interest earned on a $2000 investment by $180. The $5000 is invested at a 0.6% higher rate of interest than the $2000. What is the interest rate of each investment?
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!
(r + .006)5000 -180 = r(2000)
5000r + .006*5000 -180 = r(2000)
3000r + 30 - 180 = 0
3000r = 150
r = .05 0r 5%, Interest rate on the $2000
Interest rate on the $5000 is 5.6%
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