SOLUTION: An artist invested in a mutual fund account paying at 8% and $7000 more than twice as much In a mutual fund account paying 4% Her total annual interest income from the investments

Question 1191770: An artist invested in a mutual fund account paying at 8% and $7000 more than twice as much In a mutual fund account paying 4% Her total annual interest income from the investments is $1240 How much does she invest at each rate
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
x at 8% gets 0.08x a year
2x+7000 at 4% gets 0.08x+280 per year
They add to 1240
so 0.16x+280=1240
0.16x=960
x=$6000, which at 8%=$480
2x=7000=19000, which at 4%=760
They add to $1240
$6000 at 8%
$19000 at 4%
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