Question 122771
solve the following problem. Keep in mind that full credit for this project will only be awarded if your solution is correct.
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Ms. Parker deposits $8000 in one simple interest account and $2000 in a second simple interest account. 
The interest rate on the $8000 account is 2% more than the rate on the $2000 account. 
If the total yearly amount of interest earned on the $8000 account is $459 more than the interest earned on the $2000 account, find the interest rate on each account. 
Clearly state your solution in relation to the interest rate on each account. 
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1st Investment:
Principal = $8000
Let rate  = "x"
Interest = 8000x
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2nd Investment:
Principal = #2000
Rate = "x-.02"
Interest = 2000(x-.02)
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EQUATION:
Interest in 1st - Interest in 2nd = 459
8000x - 2000(x-0.02) = 459
6000x+40 = 459
6000x = 419
x = 0.0698 (interest on the $8000)
x-0.02 = 0.0498 (interest on $2000)
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Cheers,
Stan H.