Precalculus: Mathematics for Calculus, 7th Edition

Published by Brooks Cole
ISBN 10: 1305071751
ISBN 13: 978-1-30507-175-9

Chapter 1 - Section 1.7 - Modeling with Equations - 1.7 Exercises - Page 75: 28

Answer

$4.75\%$

Work Step by Step

He invested two amounts at two different interest rates that we do not know.: $1000$ dollars at $x$ interest rate and $2000$ dollars at $ 1.5x$ (half percent higher interest rate), we know that he will receive $190$ dollars total interest. We determine $x$: $$\begin{aligned} 1000x +2000(1.5x)&=190\\ 1000x + 3000x&=190\\ 4000x&=190\\ x&=0.0475\\ &=4.75\% \end{aligned}$$
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