College Algebra 7th Edition

Published by Brooks Cole
ISBN 10: 1305115546
ISBN 13: 978-1-30511-554-5

Chapter P, Prerequisites - Section P.9 - Modeling with Equations - P.9 Exercises: 28

Answer

6%

Work Step by Step

We know that Jack invests \$1000 at an unknown rate $r$ and \$2000 at $r+0.005$. The total interest earned is \$190: $190=1000*r+2000*(r+0.005)$ We solve for $r$: $190=1000*r+2000*r+10$ $180=3000*r$ $r=0.06$ Thus the interest rate was 6%.
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