SOLUTION: The annual interest on an $18000 investment exceeds the interest earned on a $9000 investment by $648. The $18000 is invested at a 0.6% higher rate of interest than the $9000. What
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Question 1049575: The annual interest on an $18000 investment exceeds the interest earned on a $9000 investment by $648. The $18000 is invested at a 0.6% higher rate of interest than the $9000. What is the interest rate of each investment Answer by ankor@dixie-net.com(22740) (Show Source):
You can put this solution on YOUR website! The annual interest on an $18000 investment exceeds the interest earned on a $9000 investment by $648.
The $18000 is invested at a 0.6% higher rate of interest than the $9000.
What is the interest rate of each investment
:
let x = interest rate on the 9k investment in decimal form
then
(x+.006) = interest rate on the 18k investment
:
18k int - 9k int = $648
18000(x+.006) - 9000x = 648
18000x + 108 - 9000x = 648
18000x - 9000x = 648 - 108
9000x = 540
x = 540/9000
x = .06 which is 6% on the 9k investment
then obviously
.066 which is 6.6% on the 18k investment
:
;
See if that checks out
.066(18000) - .06(9000) =
1188 - 540 = 648
