document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=210266>Question 210266</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Interest. 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 $160 in interest. What were the interest rates of the money market account and the stock?\r<BR>\n" );
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document.write( "Answer in percentages and round to one decimal place.\r<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #158868 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=158868\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Interest. 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 $160 in interest. What were the interest rates of the money market account and the stock? <BR>\n" );
document.write( "Answer in percentages and round to one decimal place. <BR>\n" );
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document.write( "Let the money market rate be \"r\".<BR>\n" );
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document.write( "Equation:<BR>\n" );
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document.write( "interest + interest = interest<BR>\n" );
document.write( "r*4000 + 3r*4000 = 160 dollars<BR>\n" );
document.write( "15000r = 160<BR>\n" );
document.write( "r = 0.01067... = 1.067%<BR>\n" );
document.write( "3r = 0.032 = 3.2%<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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