Answer:
The two rates are 6% and 8%
Step-by-step explanation:
Call the two rates r1 and r2. Call p the principal. Write down the problem as an equation system:
[tex]p\cdot r_1 = 300\\p \cdot r_2 = 400\\r_2-r_1 = 0.02[/tex]
which are 3 equations with 3 unknowns, so they can be solved. I first divide the two equations to get:
[tex]p\cdot r_1 = 300\\p \cdot r_2 = 400\\\implies r_1 = \frac{3}{4}r_2[/tex]
and use that in the third:
[tex]r_2-r_1 = 0.02\\r_2-\frac{3}{4}r_2=0.02\\r_2=0.08 \implies r_1=0.06[/tex]
The two rates are 6% and 8%
