Acc. Algebra 2

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.

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asked by Lisa

  1. 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

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    posted by Reiny

  2. Yeah I realized that!!! Thank you very much!!!

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    posted by Lisa

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