SOLUTION: Jack invests $2,000 at a certain annual interest rate, and he invests another $3,000 at an annual rate that is one-half percent higher. If he receives a total of $265 interest in o

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Question 892902: Jack invests $2,000 at a certain annual interest rate, and he invests another $3,000 at an annual rate that is one-half percent higher. If he receives a total of $265 interest in one year, at what rate is the $2,000 invested?
Answer by josgarithmetic(39616) About Me  (Show Source):
You can put this solution on YOUR website!
2000%2A%281%2Br%29-2000%2B3000%2A%281%2Br%2B0.005%29-3000=265

The rate, r, is in the form of a decimal fraction.
1% would be 0.01, and then (1/2)% would be half of 0.01, meaning 0.005.

Solving the equation:
The equation can be put into simpler form,
2000%2Ar%2B3000%2A%28r%2B0.005%29=265, just focusing on the interest.
2000r%2B3000r%2B3%2A5%2A1000%2A%280.001%29=265
5000r%2B15=265
5000r=250
r=250%2F5000
r=25%2F500
r=5%2F100
r=5%