SOLUTION: After one year, the interest earned on a $7,000 investment exceeds the interest earned on a $5,000 investment by $150. The interest rate for the $7,000 investment is 1.5% greater t
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Question 796327: After one year, the interest earned on a $7,000 investment exceeds the interest earned on a $5,000 investment by $150. The interest rate for the $7,000 investment is 1.5% greater than the interest rate for the $5,000 investment. Find the interest rate for both investments. (hint: think about our example in class and how interest is calculated
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
After one year, the interest earned on a $7,000 investment exceeds the interest earned on a $5,000 investment by $150. The interest rate for the $7,000 investment is 1.5% greater than the interest rate for the $5,000 investment. Find the interest rate for both investments.
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What kind of investment? simple or compound??
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