SOLUTION: Liza deposits some money at 2% interest. with twice as much deposited at 4%. Find the amount deposited at each rate if the total annual interest income is 1200
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Question 1103774: Liza deposits some money at 2% interest. with twice as much deposited at 4%. Find the amount deposited at each rate if the total annual interest income is 1200
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
x is the amount of money at the 2% rate
.02x+.04(2x)=1200
.02x+.08x=1200
.10x=1200
x=$12,000@2% is $240.
2x=$24,000@4% is $960.
That adds to $1200.
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