SOLUTION: The annual interest $11,000.00 investment exceeds the interest earned on a $9000.00 investment by $184.00. The $11,000.00 investment is at a 0.4% higher rate than tha $9000.00 inve
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Question 1057202: The annual interest $11,000.00 investment exceeds the interest earned on a $9000.00 investment by $184.00. The $11,000.00 investment is at a 0.4% higher rate than tha $9000.00 investment. What is the interest rate of each investment?
Answer by jorel555(1290) (Show Source): You can put this solution on YOUR website!
Let n be the interest rate on the smaller investment. Then the interest rate on the larger investment is n+.004. So:
11000(n+.004)-184=9000(n)
11000n-140=9000n
2000n=140
n=.07
The interest rate on the $11000 is 7.4%, the rate on the $9000 is 7%. ☺☺☺☺
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