SOLUTION: A man has $37,000 in a passbook account and $43,000 in a money market account that pays 10% more. What is the interest rate of each account if his total annual interest income is
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Question 1046932: A man has $37,000 in a passbook account and $43,000 in a money market account that pays 10% more. What is the interest rate of each account if his total annual interest income is $8500? Answer by jorel555(1290) (Show Source):
You can put this solution on YOUR website! Let n be the interest rate on the passbook account. Then:
37000n+43000(n+.1)=8500
37000n+43000n+4300=8500
80000n=4200
n=.0525=5.25% on the passbook account
n+.1=15.25%.on the money market account.
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