SOLUTION: A high school student was able to save $8000 by working a part-time job every summer. He invested half the money in a money market account and half the money in a stock that paid
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Question 631005: A high school student was able to save $8000 by working a part-time job every summer. He invested half the money in a money market account and half the money in a stock that paid three times as much interest as the money market account. After a year he earned $240 in interest. What were the interest rates of the money market account and the stock?
Answer in percentages and round to one decimal place.
You can put this solution on YOUR website! A high school student was able to save $8000 by working a part-time job every summer.
He invested half the money in a money market account and half the money in a stock that paid three times as much interest as the money market account. After a year he earned $240 in interest. What were the interest rates of the money market account and the stock?
Answer in percentages and round to one decimal place.
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Equation:
4000x + 4000(3x) = 240
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4000(4x) = 240
4000x = 60
x = 0.015 = 1.5%
3x = 0.045 = 4.5%
Cheers,
Stan H.
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