SOLUTION: Jolene invests her savings in two bank accounts, one paying 3 percent and the other paying 11 percent simple interest per year. She puts twice as much in the lower-yielding account
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Question 905062: Jolene invests her savings in two bank accounts, one paying 3 percent and the other paying 11 percent simple interest per year. She puts twice as much in the lower-yielding account because it is less risky. Her annual interest is $2754. How much did she invest at each rate?
Answer by richwmiller(17219) (Show Source): You can put this solution on YOUR website!
x=2y
.03*2y+.11y=2754
.06y+.11y=2754
.17y=2754
y=2754/.17
y=16200
x=32400
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