After one interest period, the interest earned on a $7,765 investment exceeds the interest earned on a $4,303 investment by $297. The interest rate for the $4,303 investment is 2.8 %$ greater than the interest rate for the $7,765 investment. Find the interest rate for the $7,765 investment.
Give your answer in % and round it to 2 decimal places.
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Answer:
5.10 %
Step-by-step explanation:
Let x is interest rate on a $7,765 in decimal form. Then interest rate on a $4,303 is (x - 0.028) . ( 2.8% = 0.028 )
7765x - 4303(x - 0.028) = 297
7765x - 4303x + 120.484 = 297
3462x = 297 - 120.484
3462x = 176.516
x ≈ 0.0510
The interest rate on $7765 is 5.10 %
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