SOLUTION: How would I solve this problem? Someone invested $1200 at a certain interest rate and $2200 at a rate that is 3% higher. The person's annual earnings were 253. Find the two inte

Question 511879: How would I solve this problem?
Someone invested $1200 at a certain interest rate and $2200 at a rate that is 3% higher. The person's annual earnings were 253. Find the two interest rates.
Thank you!
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Someone invested $1200 at a certain interest rate and $2200 at a rate that is 3% higher. The person's annual earnings were 253. Find the two interest rates.
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Let the certain rate be "x".
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Equation:
interest + interest = interest
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1200x + 2200(x+.03) = 253
1200x + 2200x + 66 = 253
3400x = 287
x = 0.0844 or 8.44%
x + 0.03 = 0.1144 or 11.44%
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Cheers,
Stan H.
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