SOLUTION: In planning her retirement, Liza deposits some money at 2.5% interest, with twice as much deposited at 3.5%. Find the amount deposited at each rate if the total annual interest in
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Question 974236: In planning her retirement, Liza deposits some money at 2.5% interest, with twice as much deposited at 3.5%. Find the amount deposited at each rate if the total annual interest income is $1235.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
In planning her retirement, Liza deposits some money at 2.5% interest, with twice as much deposited at 3.5%. Find the amount deposited at each rate if the total annual interest income is $1235.
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Equation:
int + int = int
0.025x + 0.035(2x) = 1235
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25x + 70x = 1235000
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95x = 1235000
x = $13000 (amt. invested at 2.5%)
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2x = $26000 (amt. invested at 3.5%)
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Cheers,
Stan H.
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