Question 756484: Hello I need help with this little problem..i have tried it but i have been not able to solved.
Jack invests $1000 at a certain annual interest rate, and he invests another $2000 at an annual rate that is one-half percent higher. If he receives a total of $250 interest in 1 year, at what rate is the $1000 invested?
Answer by MathTherapy(10549)   (Show Source):
You can put this solution on YOUR website! Hello I need help with this little problem..i have tried it but i have been not able to solved.
Jack invests $1000 at a certain annual interest rate, and he invests another $2000 at an annual rate that is one-half percent higher. If he receives a total of $250 interest in 1 year, at what rate is the $1000 invested?
Let the rate at which $1,000 is invested be I
Then rate at which $2,000 is invested = I + .005
Therefore, 1,000(I) + 2,000(I + .005) = 250
1,000I + 2,000I + 10 = 250
3,000I + 10 = 250
3,000I = 240
I, or interest rate at which $1,000 is invested =  , or .08, or  %
You can do the check!!
Send comments and “thank-yous” to “D” at MathMadEzy@aol.com
|
|
|
