SOLUTION: An investor has $7500 invested at one rate and $6200 invested at a different rate. If the second investment is at a rate 2% lower than the first, find the rate for each investment

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Question 387131: An investor has $7500 invested at one rate and $6200 invested at a different rate. If the second investment is at a rate 2% lower than the first, find the rate for each investment if his annual interest is $698.

This is what I have so far:
7500x + 6200 x (x-.02) x 1 = $698

Answer by robertb(5830) About Me  (Show Source):
You can put this solution on YOUR website!
7500x + 6200(x-.02)= 698 ;
7500x + 6200x - 124 = 698;
13,700x = 822;
x = 0.06, and x - 0.02 = 0.04.