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Rates and Investments : Systems of Equations Problem

I would like to know if I am on the right track to writin this as a "systems of equations" using the substitution process. How much further do I have to go if this is right so far?

A family made an investment for 1 year that earned $7.50 simple interest. If the principal had been $25 more and the interest rate 1% less, the interest would have been the same. Find the principal and the rate.

750/r = Pr/r, 7.50(P = 25)(p - .01), 7.50/775/r)(r - .01)

Solution Preview

Assume that the principal and the rate are M and r, respectively. So, we have


Solution Summary

Rates and Investments and Systems of Equations Problem are investigated. The solution is detailed and well presented. The response received a rating of "5/5" from the student who originally posted the question.