Marsha and Jan both invested money on March 1, 2007. Marsha invested $9,000 at Bank A where the interest was compounded quarterly. Jan invested $6,000 at Bank B where the interest was compounded continuously. On March 1, 2012, Marsha had a balance of $12,518.71 while Jan had a balance of $7,923.38. What was the interest rate at each bank? (Round to the nearest tenth of a percent.)

Marsha and Jan both invested money on March 1, 2007. Marsha invested $9,000 at Bank A where the interest was compounded quarterly. Jan invested $6,000 at Bank B where the interest was compounded continuously. On March 1, 2012, Marsha had a balance of $12,518.71 while Jan had a balance of $7,923.38. What was the interest rate at each bank? (Round to the nearest tenth of a percent.)

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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Question

Marsha and Jan both invested money on March 1, 2007. Marsha invested

$9,000

at Bank A where the interest was compounded quarterly. Jan invested

$6,000

at Bank B where the interest was compounded continuously. On March 1,

2012,

Marsha had a balance of

$12,518.71

while Jan had a balance of

$7,923.38.

What was the interest rate at each bank? (Round to the nearest tenth of a percent.)

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