Posted by Lisa on Tuesday, September 3, 2013 at 9:07pm.
Jan invested $1200 at a certain simple interest rate and $2200 at 3%higher. Her annual earnings were $253. Find the two interests rate if she earned $121 more on the larger investment than on the smaller.

Acc. Algebra 2  Reiny, Tuesday, September 3, 2013 at 10:08pm
smaller rate  x
larger rate  x + .03
1200x + 2200(x+.03) = 253
1200x + 2200x + 66 = 253
3400x = 187
x = .055
lower rate is 5.5% higher rate is 8.5%
check:
return on 1200 = .055(1200) = 66
return on 2200 = .085(2200) = 187
which is $121 more
You actually had more information than was needed to solve the problem

Acc. Algebra 2  Lisa, Wednesday, September 4, 2013 at 12:38am
Yeah I realized that!!! Thank you very much!!!
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