jack invests $1,000 at a certain annual interest rate and he invests another $2,000 at an annual rate that is 1/2 percent higher. if he receives a total of $190

Question

in one year, at what rate is the $1,000 invested?

Answer 1

Let x=rate on $1,000

Let x+0.005=rate on $2,000

Let 0.005= one half percent

Equation: 1000x+2000(x+0.005)=190

Solve for x.

(1000x+2000x+10=190

3000x=190-10

3000x=180

x=180/3000

x=0.06)