SOLUTION: Jolene invests her savings in two bank accounts, one paying 5 percent and the other paying 8 percent simple interest per year. She puts twice as much in the lower-yielding account

Question 1150712: Jolene invests her savings in two bank accounts, one paying 5 percent and the other paying 8 percent simple interest per year. She puts twice as much in the lower-yielding account because it is less risky. Her annual interest is 6552 dollars. How much did she invest at each rate?

Answer by ikleyn(52776) (Show Source): You can put this solution on YOUR website!
.


Let x = amount at the 8% account.

Then the amount at 5% interest account is 2x  dollars.


The setup equation is


    0.08*x + 0.05*(2x) = 6552  dollars.


From the equation


    x =  =  36400.


ANSWER.  $36400 invested at 8%  and  2*36400 = 72800 dollars invested at 5%.


CHECK.  0.08*36400 + 0.05*72800 =  6552 dollars.   ! Correct !

Solved.

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It is a standard and typical problem on investments.

If you need more details, or if you want to see other similar problems solved by different methods, look into the lesson
- Using systems of equations to solve problems on investment
in this site.

You will find there different approaches (using one equation or a system of two equations in two unknowns), as well as
different methods of solution to the equations (Substitution, Elimination).

Also, you have this free of charge online textbook in ALGEBRA-I in this site
- ALGEBRA-I - YOUR ONLINE TEXTBOOK.

The referred lesson is the part of this online textbook under the topic "Systems of two linear equations in two unknowns".

Save the link to this online textbook together with its description

Free of charge online textbook in ALGEBRA-I
https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson

to your archive and use it when it is needed.

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