SOLUTION: I have tried this problem numerous times on numerous days without finding a solution. I have been taught two separate interest equations: I=Prt or A=P(1+r/10). I have no idea wha
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Question 127706This question is from textbook College Algebra
: I have tried this problem numerous times on numerous days without finding a solution. I have been taught two separate interest equations: I=Prt or A=P(1+r/10). I have no idea what to apply to this problem. I end up dividing or subtracting and creating a negative number, which does not work. The specific problem is: Ms. X deposits $8000 in one account and $9000 in another. The interest rate on the $8000 account is one percent less than that on the $9000 account. If the $9000 account earns $165 more per year than the $8000 account, find the interest rates on each account. This question is from textbook College Algebra
You can put this solution on YOUR website! the problem gives the relationship between the interest rates and the amount of interest
__ I=Prt is appropriate because the values of the accounts (A) aren't used
__ since the time is the same for both, it can be ignored
let x="interest on $8000", so x+.01="interest on $9000"
