BuyFind

Precalculus: Mathematics for Calcu...

6th Edition
Stewart + 5 others
Publisher: Cengage Learning
ISBN: 9780840068071
BuyFind

Precalculus: Mathematics for Calcu...

6th Edition
Stewart + 5 others
Publisher: Cengage Learning
ISBN: 9780840068071

Solutions

Chapter 1.6, Problem 24E
To determine

To find: The rate of interest for amount $1000.

Expert Solution

Answer to Problem 24E

The rate of interest for amount $1000 is 4.75%.

Explanation of Solution

Given:

Jack invests $1000 at a certain interest and another amount $2000 at one-half percent higher.

Total interest received after 1 year is $190.

Calculation:

Let the rate of interest is x.

Tabulate the given information into the language of algebra.

In words In Algebra
Rate of interest for $1000 x
Rate of interest for $2000 1.5x

Model the equation for the above information.

Interestfor$1000+Intersetfor$2000=Totalinterest1000x+2000×1.5x=190

Simplify the above equation for x,

1000x+3000x=1904000x=190x=0.0475x=4.75%

Thus, the rate of interest for amount $1000 is 4.75%.

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