SOLUTION: Charles invested income in two accounts, one paying 3% annual simple interest and the other paying 2% interest. He earned a total of $11 interest. If he invested three times as muc
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Question 1110410: Charles invested income in two accounts, one paying 3% annual simple interest and the other paying 2% interest. He earned a total of $11 interest. If he invested three times as much in the 3% account as he did in the 2% account, how much did he invest at each rate ?
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
For the 3% rate:
(1)
For the 2% rate:
(2)
------------------------
Substitute (1) into (2)
(2)
(2)
(2)
(2)
and
---------------------
He invested $300 @ 3% and $100 @ 2%
-------------------------------------
check:
(1)
(1)
(1)
and
(2)
(2)
(2)
(2)
OK
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