SOLUTION: Hello Here is a word problem I am having trouble with. Bob invests in two different retirement funds. He invests some money in a fund with 3% interest and twice as much money

If you need immediate math help from PAID TUTORS right now, click here. (paid link)
Click here to see ALL problems on Miscellaneous Word Problems

Question 604463: Hello
Here is a word problem I am having trouble with.
Bob invests in two different retirement funds. He invests some money in a fund with 3% interest and twice as much money in another fund at 4.5% interest. Find the amount deposited at each rate if the total annual interest income is $3,000.
Here is the equation I have written but not sure if it is correct.
Thanks

Answer by mananth(12270) (Show Source):
You can put this solution on YOUR website!
Part I 3.00% per annum ------------- x
Part II 4.50% per annum ------------ y
y=2x
Interest----- 3000
3.00% x + 4.50% * 2 x = 3000
0.03 x + 0.045 * 2 x = 3000
0.03 x + 0.09 x = 3000
0.12 x = 3000
/ 0.12
x= 25000 --- Fund A
2 x = 50000 Fund B

CHECK
25000 @ 3.00% = 750
50000 @ 4.50% = 2250
Interest= 3000