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Question 127706This question is from textbook College Algebra
: I have tried this problem numerous times on numerous days without finding a solution. I have been taught two separate interest equations: I=Prt or A=P(1+r/10). I have no idea what to apply to this problem. I end up dividing or subtracting and creating a negative number, which does not work. The specific problem is: Ms. X deposits $8000 in one account and $9000 in another. The interest rate on the $8000 account is one percent less than that on the $9000 account. If the $9000 account earns $165 more per year than the $8000 account, find the interest rates on each account.
This question is from textbook College Algebra
Answer by scott8148(6628)   (Show Source):
You can put this solution on YOUR website! the problem gives the relationship between the interest rates and the amount of interest
__ I=Prt is appropriate because the values of the accounts (A) aren't used
__ since the time is the same for both, it can be ignored
let x="interest on $8000", so x+.01="interest on $9000"
(x)(8000)+165=(x+.01)(9000) __ 8000x+165=9000x+90 __ 75=1000x __ .075=x
converting to % __ x=7.5%
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