SOLUTION: I have been working on this problem for awhile now and I still can't figure it out. I was wondering if someone would help me? Please and Thank you!! I would deeply appreciate it!
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Question 154574This question is from textbook Algebra and Trigonometry Structure and Method book 2
: I have been working on this problem for awhile now and I still can't figure it out. I was wondering if someone would help me? Please and Thank you!! I would deeply appreciate it!
In problems 13-18, find the solution if possible. If there is not enough information to solve the problem or if it has no solution, say so. If extra information is given, identify it.
Jan invested $1200 at a certain simple interest rate and $2200 at a rate 3% higher. Her annual earnings were $253. Find the two interest rates if she earned $121 more on the larger investment than on the smaller. This question is from textbook Algebra and Trigonometry Structure and Method book 2
You can put this solution on YOUR website! Jan invested $1200 at a certain simple interest rate and $2200 at a rate 3% higher. Her annual earnings were $253. Find the two interest rates if she earned $121 more on the larger investment than on the smaller.
:
You don,t need the last statement:
:
Let x = interest rate (in decimal form) of the $1200 investment
Then
(x+.03) = interest rate of the $2200 investment
:
1200x + 2200(x+.03) = 253
:
1200x + 2200x + 66 = 253
:
3400x = 243 - 66
:
3400x = 187
x =
x = .055, 5.5% int rate on the $1200
then
.055 +.03 = 8.5% int rate on the $2200
:
Check:
.055 * 1200 = 66
.085 * 2200 = 187
------------------
total int: = 253
:
:
187 - 66 = 121, proves the last statement is true, but we did not need it
