SOLUTION: Two bond funds pay interest at rates that differ by 4%. Money invested for 1 year in the first fund earns $336 interest. The same amount invested in the second fund earns $504. Fin

Algebra ->  Rate-of-work-word-problems -> SOLUTION: Two bond funds pay interest at rates that differ by 4%. Money invested for 1 year in the first fund earns $336 interest. The same amount invested in the second fund earns $504. Fin      Log On


   

Question 839397: Two bond funds pay interest at rates that differ by 4%. Money invested for 1 year in the first fund earns $336 interest. The same amount invested in the second fund earns $504. Find the lower rate of interest.
Answer by richwmiller(17219) About Me  (Show Source):
You can put this solution on YOUR website!
(z)*y=336,
x*y=504,
z=x-.04
x=.12 12%
z=.08 8%
y=4200