Interest Problem

[HeLp 911]

Jack invests $1000 at a certain annual interest rate, and he invests another $2000 at an annual interest that is one-half-percent higher. If he receives a total of $190 interest in one year, at what rate is the $1000 invested?

 

[jsbeckton]

People are more likely to help if you show some effort, what have you tried?

 

[Gene]

1000*i+2000*(i+.005) = 190
Solve for i
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Gene

 

[HeLp 911]

I got the answer of .06...I think that it is correct

 

[Gene]

Right but you should change it back to 6%