SOLUTION: A $6000 investment at an annual simple interest rate of 3.6% earned as much interest after one year as another investment in an account that earned 4.5% annual simple interest. How
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Question 943360: A $6000 investment at an annual simple interest rate of 3.6% earned as much interest after one year as another investment in an account that earned 4.5% annual simple interest. How much was invested at 4.5%?
You can put this solution on YOUR website! A $6000 investment at an annual simple interest rate of 3.6% earned as much interest after one year as another investment in an account that earned 4.5% annual simple interest. How much was invested at 4.5%?
Solution:
Let x = amount invested at 4.5%
0.045x = 0.036(6000)
Divide both sides by 0.045
x = 0.036(6000)/0.045
Therefore, x = $4800 [Answer]
