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Jack invests $500 at a certain annual interest rate, and he invests another $2000 at an annual rate...
4 months ago
Q:
Jack invests $500 at a certain annual interest rate, and he invests another $2000 at an annual rate that is one-half percent higher. if he receives a total of $85 interest in 1 year, at what rate is the $500 invested?
Accepted Solution
A:
1000x + 2000(x+.005) = 190Β
x = 6%