James has $1100 invested at r% and $900 invested at (r+1)%. If his annual income on these two investments is $99, find r.

ANSWERS

2017-08-14 21:14:48

First, we need to set up an equation. Some number out of 100 (percent) times $1100 plus the same percent plus 1 times $900 will give us $99. (r/100) x 1100 + ((r+1)/100) x 900 = 99 (r x 1100)/100 + ((r+1) x 900)/100 = 99 11r + 9(r+1) = 99 20r + 9 = 99 20r = 90 20r/20 = 90/20 r=90/20 = 9/2 r = 4.5% Tell me if you had any trouble following this. Hope I helped you out!

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