SOLUTION: Jack invests $2,000 at a certain annual interest rate, and he invests another $3,000 at an annual rate that is one-half percent higher. If he receives a total of $265 interest in o
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Question 892902: Jack invests $2,000 at a certain annual interest rate, and he invests another $3,000 at an annual rate that is one-half percent higher. If he receives a total of $265 interest in one year, at what rate is the $2,000 invested?
Answer by josgarithmetic(39617) (Show Source): You can put this solution on YOUR website!
The rate, r, is in the form of a decimal fraction.
1% would be 0.01, and then (1/2)% would be half of 0.01, meaning 0.005.
Solving the equation:
The equation can be put into simpler form,
, just focusing on the interest.
r=5%
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