SOLUTION: The amount of annual interest earned by $8,000 invested at a certain rate is $270 less than $13,000 would earn at a 1% lower rate. At what rate is the $8,000 invested?
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Question 991355: The amount of annual interest earned by $8,000 invested at a certain rate is $270 less than $13,000 would earn at a 1% lower rate. At what rate is the $8,000 invested? Answer by macston(5194) (Show Source):
You can put this solution on YOUR website! .
R=rate for $8000 in decimal form
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$8000R+$270=(R-0.01)$13000
$8000R+$270=$13000R-$130
$400=$5000R
0.08=R
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ANSWER: The $8000 was invested at 8%.
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CHECK:
$8000R+$270=(R-0.01)$13000
$8000(0.08)+$270=(0.08-0.01)$13000
$640+$270=(0.07)$13000
$910=$910
