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31 May, 10:55

he annual interest on a $9000 investment exceeds the interest earned on a $1000 investment by $534. The $9000 is invested at a 0.6% higher rate of interest than the $1000. What is the interest rate of each investment?

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  1. 31 May, 10:57
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    5.41 % and 4.81%
  2. 31 May, 11:19
    0
    The interest on investment of $9000 and $1000 is 5.41 % and 4.81% respectively.

    Explanation:

    Let i be the interest rate on $ 9000 investment, then

    9000i + 1000 (i - 0.006) = $ 535

    10,000i = 541

    i = 5.41 % on investment of $ 9000.

    than on $1000 investment interest = 5.41-0.6 = 4.81 %
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