SOLUTION: The amount of annual interest earned by $8,000 invested at a certain rate is $200 less than 12,000 would earn at a 1% lower rate. At what rate is the $8,000 invested?

Question 279627: The amount of annual interest earned by $8,000 invested at a certain rate is $200 less than 12,000 would earn at a 1% lower rate. At what rate is the $8,000 invested?
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
The amount of annual interest earned by $8,000 invested at a certain rate is $200 less than 12,000 would earn at a 1% lower rate. At what rate is the $8,000 invested?
let the rate invested be x
The interest earned = 8000*x/100
12000 is invested at (x-1)%
(x-1)/100*12000 -200 = 8000x/100
(x-1)*120-200 =80x
120x-120-200=80x
40x=320
x= 8%

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