document.write( "Question 1196412: The annual interest on a $14,000 investment exceeds the interest earned on a $7000 investment by $294. The $14,000 is invested at a 0.6% higher rate of interest than the $7000. What is the interest rate of each investment? \n" ); document.write( "

Algebra.Com's Answer #829225 by ikleyn(52775) $\"\"$ $\"About$

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\n" ); document.write( "The annual interest on a $14,000 investment exceeds
\n" ); document.write( "the interest earned on a $7000 investment by $294.
\n" ); document.write( "The $14,000 is invested at a 0.6% higher rate of interest than the $7000.
\n" ); document.write( "What is the interest rate of each investment?
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document.write( "Let x be the annual interest rate of the $7000 investment (in decimal form).\r\n" );
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document.write( "Then the annual interest rate of the $14000 investment is (x+0.006), \r\n" );
document.write( "according to the problem.\r\n" );
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document.write( "Having it, we write an equation expressing the difference of two annual\r\n" );
document.write( "interest amounts\r\n" );
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document.write( "    14000*(x+0.006) - 7000x = 294  dollars.\r\n" );
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document.write( "Simplify it and find x\r\n" );
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document.write( "    14000x + 14000*0.006 - 7000x = 294\r\n" );
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document.write( "    7000x = 294 - 14000*0.006\r\n" );
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document.write( "    7000x = 210\r\n" );
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document.write( "        x =  = 0.03.\r\n" );
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document.write( "ANSWER.  $7000 invested at 3%;  $14000 invested at 3.6%.\r\n" );
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