Question 1119239: I am also stuck on this interest problem, I tried working it out with a system of equations which gave me a repeating decimal.
"Egbert invested $2,500 at 10% interest for one year. He has an additional $6,000 to deposit. At what rate must he invest the $6,000 to end the year with a total balance of exactly $9,440?"
Thank you!
Answer by josgarithmetic(39617)   (Show Source):
You can put this solution on YOUR website! ------------------------------------------------------------------------
"Egbert invested $2,500 at 10% interest for one year. He has an additional $6,000 to deposit. At what rate must he invest the $6,000 to end the year with a total balance of exactly $9,440?"
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r, the needed interest rate as a percent. (yearly rate)
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