SOLUTION: A woman invested 4 times as much at 3% as she did at 6%. The total amount of interest she earns in 1 year from both accounts is $1,620. How much did she invest at each rate?
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Question 1152544: A woman invested 4 times as much at 3% as she did at 6%. The total amount of interest she earns in 1 year from both accounts is $1,620. How much did she invest at each rate?
Found 2 solutions by VFBundy, greenestamps:
Answer by VFBundy(438) (Show Source): You can put this solution on YOUR website!
3% account:
Principal = 4p
Rate = 0.03
Interest = 4p * 0.03 = 0.12p
6% account:
Principal = p
Rate = 0.06
Interest = p * 0.06 = 0.06p
0.12p + 0.06p = 1620
0.18p = 1620
p = 9000
3% account:
Principal = 4p = $36,000
6% account:
Principal = p = $9000
Answer by greenestamps(13200) (Show Source): You can put this solution on YOUR website!
Here is an unorthodox way of solving the problem that works for me....
(1) Determine the average interest rate, given that 4 times as much was invested at 3% as at 6%:
(2) Determine the total amount invested, given the interest of $1620 and knowing the average interest rate:
(3) Divide the total of $45,000 in the ratio 4:1
ANSWER: $36,000 at 3%; $9000 at 6%
CHECK: .03(36000)+.06(9000) = 1080+540 = 1620
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