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Ostrovityanka [42]
3 years ago
12

Martha deposits $500 in an account that pays 6% simple interest, and $1000 in a second account which has a higher interest rate

but is more risky. What interest rate must she get on the second account in order to earn at least $130 in interest for the year?
Mathematics
1 answer:
Degger [83]3 years ago
7 0
$1000 x r%= 130
Since we can't move r% back two places to change it to a decimal, we can move the decimal by on the $1000.

Why?   Is .47 x 53 the same as 47 x .53?  (yes)  - Do you see that is does not matter whether the decimal is moved back two places on one or the other?

So
$1000 can become 10 by moving it back two places.
10r = 130 

<u>10</u>r   = <u>130
</u>10         10      divide both sides by 10 and you get 13%
<u>
Check</u>  1000 x .13 = $130
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