To find: The rate of interest for amount $1000.
The rate of interest for amount $1000 is 4.75%.
Jack invests $1000 at a certain interest and another amount $2000 at one-half percent higher.
Total interest received after 1 year is $190.
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.
Simplify the above equation for x,
Thus, the rate of interest for amount $1000 is 4.75%.
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