A community for students.

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

anonymous

  • 4 years ago

Can anyone do this??? The annual interest on a 19000 investment exceeds the interest earned on a 18000 investment by 204. the 19000 is invested at a .6% higher rater than the 18000. What is the interest rate of each investment?

  • This Question is Closed
  1. anonymous
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    i messed this up somehow let me start again

  2. anonymous
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    ok. i'm quite confused

  3. anonymous
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    yeah you should be because i was being stupid. let me start over

  4. anonymous
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    ok

  5. anonymous
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    put the rate of the 18000 investment at r the rate of the 19000 investment is r+.006 we have to work with numbers, not percents

  6. anonymous
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    then you know that the return on 18000 is \[18000\times r\] and the return on 19000 is \[19000\times (r+.006)\] and you know that the second one is $204 more than the first, so \[18000\times r +204=19000(r+.006)\] now we can solve for r

  7. anonymous
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    \[18000r+204=19000r + .006\times 19000\] \[18000r + 204=19000 r + 114\] \[204-114=19000r -18000r\] \[90=1000r\] \[r=\frac{90}{1000}=\frac{9}{100}=9\%\]

  8. anonymous
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    love to know where they got 9% interest , i would go invest there

  9. anonymous
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    i have to have the interest for both. do i add or subtract .6%

  10. anonymous
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    ?

  11. Not the answer you are looking for?
    Search for more explanations.

    • Attachments:

Ask your own question

Sign Up
Find more explanations on OpenStudy
Privacy Policy

Your question is ready. Sign up for free to start getting answers.

spraguer (Moderator)
5 → View Detailed Profile

is replying to Can someone tell me what button the professor is hitting...

23

  • Teamwork 19 Teammate
  • Problem Solving 19 Hero
  • You have blocked this person.
  • ✔ You're a fan Checking fan status...

Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.