SOLUTION: I really need help. I do not understand how to solve this at all:
A man invests his savings in 2 accounts, one paying ^5 per year and the other %. He has twice as much invested in
Algebra.Com
Question 675252: I really need help. I do not understand how to solve this at all:
A man invests his savings in 2 accounts, one paying ^5 per year and the other %. He has twice as much invested in the 7% account as in the 6% account, and his annual interest income is $600. How much is invested in each account?
Answer by ReadingBoosters(3246) (Show Source): You can put this solution on YOUR website!
Establish variables
x = $ in 6% account
y = $ in 7% account
...
y = 2x
.06x + .07y = 600
...
Substitute 2x for y in the second equation
.06x + .07(2x) = 600
.06x + .14x = 600
.2x = 600
at 6%
...
at 7%
.....................
Delighted to help.
-Reading Boosters
Website: www.MyHomeworkAnswers.com
Wanting for others what we want for ourselves.
RELATED QUESTIONS
I am having a problem setting this question up to solve
Jolene invests her savings in (answered by Earlsdon)
A man invests his savings in 2 accounts, one paying 6% per year
and the other 7%. He has (answered by partha_ban)
Amy invests a part of $12000 in bonds paying 11% interest. The remainder is in a savings... (answered by ankor@dixie-net.com)
A man invests his savings in two accounts, one paying 6 percent and the other paying 10... (answered by mananth)
A man invests his savings in two accounts, one paying 6 percent and the other paying 10... (answered by robertb)
A man invests his savings in two accounts, one paying 6% and the other paying 10% simple... (answered by math-vortex)
A man invests his savings in two accounts, one paying 6 percent and the other paying 10... (answered by mananth,MathTherapy)
A man invests his savings in two accounts, one paying 6 percent and the other paying 10... (answered by mananth)
A man invests his savings in two accounts, one paying 6% and the other paying 10% simple... (answered by josgarithmetic)