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?


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 = {{{240/3000}}}, or .08, or {{{highlight_green(8)}}}%

You can do the check!!


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