document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=111672>Question 111672</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Charles Miller invested his textbook royalty income in two accounts, one paying 3% annual simple interest and the other paying 2% interest. He earned a total of $11 interest. If he invested three times as much in the 3% account as he did in the 2% account, how much did he invest at each rate? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #81552 by </B><A HREF=/tutors/aboutme.mpl?userid=ptaylor><B>ptaylor(2198)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=ptaylor><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=ptaylor><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=81552\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Interest (I)=Principal(P) times Rate(R) times Time(T) or I=PRT\r<BR>\n" );
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document.write( "Let P=amount invested at 2%<BR>\n" );
document.write( "Then 3P=amount invested at 3%\r<BR>\n" );
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document.write( "Interest at 2% for 1 year=P*0.02*1 <BR>\n" );
document.write( "Interest at 3% for 1 year=3P*0.03*1\r<BR>\n" );
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document.write( "And we are told that the sum of the above interests =$11.  So our equation to solve is:\r<BR>\n" );
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document.write( "0.02P+3P*0.03=$11 simplify\r<BR>\n" );
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document.write( "0.02P+0.09P=$11  collect like terms\r<BR>\n" );
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document.write( "0.11P=$11  divide both sides by 0.11\r<BR>\n" );
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document.write( "P=$100-----------------------amount invested at 2%\r<BR>\n" );
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document.write( "3P=3*$100=$300-----------------------------amount invested at 3%\r<BR>\n" );
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document.write( "CK\r<BR>\n" );
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document.write( "100*0.02+300*0.03=11<BR>\n" );
document.write( "2+9=11<BR>\n" );
document.write( "11=11\r<BR>\n" );
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document.write( "Hope this helps---ptaylor </SPAN>\n" );
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