SOLUTION: The annual interest on an $8000 investment exceeds the interest earned on a $2000 investment by $392. The $8000 is invested at a 0.4% higher rate of interest than the $2000. What
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Question 1147184: The annual interest on an $8000 investment exceeds the interest earned on a $2000 investment by $392. The $8000 is invested at a 0.4% higher rate of interest than the $2000. What is the interest rate of each investment? Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! I=prt
I 1=8000*r1*1=8000 r1
I 2=2000 (r1-0.004)
I 2+392=I 1
so 8000 r1=2000 r1-8+392
6000 r1=384
r1=384/6000=0.064 or 6.4%
r2=6 %
so $8000*0.064=$512
and $2000*0.06=$120
