document.write( "Question 1034389: An amount of money invested for 1 year in a savings account will earn $1,200. That same amount of money invested in a mini-mall development will earn $4,200 interest in a year, because the interest paid is 10% more than that paid by the savings account. Find the rate of interest paid by each investment. \n" ); document.write( "

Algebra.Com's Answer #649200 by jorel555(1290) $\"\"$ $\"About$

You can put this solution on YOUR website!
Our equation for interest is I=P(r) where I is the interest,P is the principal, and r is the rate of interest. Solving for P:
\n" ); document.write( "I=P(r)
\n" ); document.write( "P=I/r
\n" ); document.write( "So
\n" ); document.write( "1200/r=4200/r+10
\n" ); document.write( "1200r+12000=4200r
\n" ); document.write( "3000r=12000
\n" ); document.write( "r=4
\n" ); document.write( "r+10=14!!!!!!!!! \n" ); document.write( "

\n" );