SOLUTION: Question Help In planning her​ retirement, Liza deposits some money at 2​% ​interest, with twice as much deposited at 2.5%. Find the amount deposited at each rate if t

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Question 1151379: Question Help
In planning her​ retirement, Liza deposits some money at
2​% ​interest, with twice as much deposited at
2.5%. Find the amount deposited at each rate if the total annual interest income is ​$700
Answer by ikleyn(52771)   (Show Source): You can put this solution on YOUR website!
.

Let x be the amount deposited at 2% interest, in dollars.


Then the amount deposited at 2.5% is 2x dollars.


The total annual interest is the sum of the two particular annual interests


    0.02x + 0.025*(2x) = 700  dollars.


Simplify and solve for x


    0.0.2x + 0.05x = 700

    0.07x          = 700

        x          =  = 10000.


ANSWER.  $10000 was invested at 2%  annual interest rate and  $20000 was invested at 2.5% annual interest rate.


CHECK.  0.02*10000 + 0.025*20000 = 700  dollars.   ! Precisely correct !

Solved.


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