Question 38951: Mr. Turner invested a sum of money at 7% and twice that sum at 3%. His yearly return was $390. How much did Mr. Turner invest at each rate?
(This problem is not from a textbook). Please help, Thank You Answer by fractalier(2101) (Show Source):
You can put this solution on YOUR website! Let x be what he invested at 7%.
Thus 2x is what was invested at 3%.
So we have
(.07)x + (.03)(2x) = 390
multiply by 100 to clear decimals
7x + 6x = 39000
13x = 39000
x = $3000 at 7%
2x = $6000 at 3%