SOLUTION: Dan had two accounts he invested twice as much at 6% as he did at 5% if his annual interest is $68 how much did he invest in each
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Question 908255: Dan had two accounts he invested twice as much at 6% as he did at 5% if his annual interest is $68 how much did he invest in each
Answer by richwmiller(17219) (Show Source): You can put this solution on YOUR website!
We know that the interest for the two accounts is $68
0.06*x+0.05*y=68
We know that the account at 6% has 2 times the amount at 5%
We substitute for x
0.06*(2*y)+0.05*y=68
We multiply out
(0.12+0.05)*y=68
We combine like terms.
0.17*y=68
Isolate y
y= 400.00
y=$ 400.00 at 5%
Calculate x
x=2*y
x=$ 800.00 at 6%
Your total for x is $ 800.00
Your total for y is $ 400.00
Your total for x and y is $ 1200.00
Total invested $ 800.00 + $ 400.00=$ 1200.00
We check
0.06* 800.00+0.05* 400.00=68
48.00+ 20.00=68
68=68
Since this statement is TRUE and neither is negative then all is well.
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