SOLUTION: The annual interest on a $5000 investment exceeds the interest earned on a $2000 investment by $180. The $5000 is invested at a 0.6% higher rate of interest than the $2000. What
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: The annual interest on a $5000 investment exceeds the interest earned on a $2000 investment by $180. The $5000 is invested at a 0.6% higher rate of interest than the $2000. What
Log On
Question 1047818: The annual interest on a $5000 investment exceeds the interest earned on a $2000 investment by $180. The $5000 is invested at a 0.6% higher rate of interest than the $2000. What is the interest rate of each investment? Answer by ewatrrr(24785) (Show Source):
You can put this solution on YOUR website! (r + .006)5000 -180 = r(2000)
5000r + .006*5000 -180 = r(2000)
3000r + 30 - 180 = 0
3000r = 150
r = .05 0r 5%, Interest rate on the $2000
Interest rate on the $5000 is 5.6%
