SOLUTION: Mackenzie invests $800 in one account and $2400 in an account paying 3 % higher interest. At the end of one year she had earned $264 in interest. At what rates did she invest?

Question 1056030: Mackenzie invests $800 in one account and $2400 in an account paying 3 % higher interest. At the end of one year she had earned $264 in interest. At what rates did she invest?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Mackenzie invests $800 in one account and $2400 in an account paying 3 % higher interest. At the end of one year she had earned $264 in interest. At what rates did she invest?
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interest + interest = interest
800(x/100) + 2400(x+3)/100 = 264
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800x + 2400x + 7200 = 26400
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3200x = 19200
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x = 6%
(interest on the $800)
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x+3 = 9% (interest on the $2400)
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Cheers,
Stan H.
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