SOLUTION: The annual interest on a $5000 investment exceeds the interest earned on a $3000 investment by $185. The $5000 is invested at a 0.5% higher rate of interest than the $3000. What
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Question 1017053: The annual interest on a $5000 investment exceeds the interest earned on a $3000 investment by $185. The $5000 is invested at a 0.5% higher rate of interest than the $3000. What is the interest rate of each investment? Found 2 solutions by addingup, MathTherapy:Answer by addingup(3677) (Show Source):
You can put this solution on YOUR website! 5000x+0.005 = 3000x-185
2000x = 184.995
x = 0.0925 or 9.25%. This is the rate on the $3,000. For the $5,000:
9.25%+0.5% = 9.75%
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You can put this solution on YOUR website!
The annual interest on a $5000 investment exceeds the interest earned on a $3000 investment by $185. The $5000 is invested at a 0.5% higher rate of interest than the $3000. What is the interest rate of each investment?
Interest rate on $5,000 investment:
Interest rate on $3,000 investment:
