document.write( "Question 838000: An amount of money invested for 1 year in a savings account will earn $240. That same money, invested in a mini-mall development will earn $1920 interest in a year, because the interest paid is 14 percentage points more than that paid by the savings account. Find the rate of interest paid by each investment. \n" ); document.write( "

Algebra.Com's Answer #504810 by stanbon(75887) $\"\"$ $\"About$

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An amount of money invested for 1 year in a savings account will earn $240. That same money, invested in a mini-mall development will earn $1920 interest in a year, because the interest paid is 14 percentage points more than that paid by the savings account. Find the rate of interest paid by each investment.
\n" ); document.write( "------
\n" ); document.write( "Equations:
\n" ); document.write( "i*x = 240
\n" ); document.write( "----------
\n" ); document.write( "(i+0.14)x = 1920
\n" ); document.write( "-------
\n" ); document.write( "ix + 0.14x = 1920
\n" ); document.write( "240 + 0.14x = 1920
\n" ); document.write( "0.14x = 1680
\n" ); document.write( "x = $12000 (amt invested)
\n" ); document.write( "---------------------------
\n" ); document.write( "Solve for \"i\":
\n" ); document.write( "i*12000 = 240
\n" ); document.write( "i = 240/12000
\n" ); document.write( "i = 0.02 = 2% (interest rate)
\n" ); document.write( "---------------------
\n" ); document.write( "Cheers,
\n" ); document.write( "Stan H. \n" ); document.write( "

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