SOLUTION: A high school student was able to save $8000 by working a part-time job every summer. He invested half the money in a money market account and half the money in a stock that paid

Question 631005: A high school student was able to save $8000 by working a part-time job every summer. He invested half the money in a money market account and half the money in a stock that paid three times as much interest as the money market account. After a year he earned $240 in interest. What were the interest rates of the money market account and the stock?
Answer in percentages and round to one decimal place.

Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
A high school student was able to save $8000 by working a part-time job every summer.
He invested half the money in a money market account and half the money in a stock that paid three times as much interest as the money market account. After a year he earned $240 in interest. What were the interest rates of the money market account and the stock?
Answer in percentages and round to one decimal place.
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Equation:
4000x + 4000(3x) = 240
----
4000(4x) = 240
4000x = 60
x = 0.015 = 1.5%
3x = 0.045 = 4.5%
Cheers,
Stan H.
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