Ms.Molly deposits $8000 in one account and $9000 in another. The interest rate on the $8000 account is one percent less than that on the $9000 account. If the $9000 account earns $165 more per year than the $8000 account, find the interest rates on each account.
Please explain how you got to the answer (: thanks!
Please explain how you got to the answer (: thanks!
-
x = interest rate for $8000
9000(x+0.01) = 165 + 8000x
9000x + 90 = 165 + 8000x
1000x = 75
x = 75/1000 = 7.5 %
rate for $8000 = 7.5%
rate for $9000 = 8.5%
9000(x+0.01) = 165 + 8000x
9000x + 90 = 165 + 8000x
1000x = 75
x = 75/1000 = 7.5 %
rate for $8000 = 7.5%
rate for $9000 = 8.5%