SOLUTION: An amount of money invested for 1 year in a savings account will earn $800. That same amount of money invested in a mini-mall development will earn $2,800 interest in a year, becau
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-> SOLUTION: An amount of money invested for 1 year in a savings account will earn $800. That same amount of money invested in a mini-mall development will earn $2,800 interest in a year, becau
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Question 971926: An amount of money invested for 1 year in a savings account will earn $800. That same amount of money invested in a mini-mall development will earn $2,800 interest in a year, because the interest paid is 10% more than that paid by the savings account. Find the rate of interest paid by each investment. Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! x=amount of money in saving's account; y=interest rate.
x* y=800
x*(y+0.10)=2800; xy + 0.10x=2800
y=800/x
800 +0.10 x=2800
0.10x =2000
multiply by 10
x=$20000
800/20000=4%
14% on 20,000=$2800 Check
Rate of interest is 4% on savings and 14% on mini-mall.
