Jack invests $1500 at a certain annual interest rate, and he invests another $2000 at an annual rate that is one-half percent higher.

Question

If he receives a total of $185 interest in 1 year, at what rate is the $1500 invested?

Answer 1

1500x + 2000y = 185 and y = x+1/200 <--- 1/2% = 1/200

1500x + 2000(x+ 1/200) = 185

1500x + 2000x + 10 = 185

3500x = 175

x = 175/3500 = 1/20 = 0.05 = 5%

5% for the investment of $1500 and 5.5% for the investment of $2000...

note that: 0.05*1500 + 0.055*2000 = 185

Answer 2

1500(r) + 2000(r + 0.005) = 185

Can you solve for r and answer?