SOLUTION: Janet invested her savings in two accounts. One of the accounts paid 2% intrest, and the other paid 5%. Janet put twice as much money int eh account that paid 5% as she put in the
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Question 212565This question is from textbook Elementary and intermediate algebra
: Janet invested her savings in two accounts. One of the accounts paid 2% intrest, and the other paid 5%. Janet put twice as much money int eh account that paid 5% as she put in the account that paid 2%. if she earned a total of $84 in intrest from the two accounts in one year, find the amount invested in each fund? This question is from textbook Elementary and intermediate algebra
You can put this solution on YOUR website! Janet invested her savings in two accounts. One of the accounts paid 2% intrest, and the other paid 5%. Janet put twice as much money in the account that paid 5% as she put in the account that paid 2%. If she earned a total of $84 in interest from the two accounts in one year, find the amount invested in each fund?
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Quantity Equation: f = 2t
Interest Equation:0.05f + 0.02t = 84 dollars
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Substitute for "f" and solve for "t":
Also Multiply thru the equation by 100:
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5(2t) + 2t = 8400
12t = 8400
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t = 700 (amt. invested at 2%)
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f= 2t = $1400 (amt. invested at 5%)
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Cheers,
Stan H.
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