SOLUTION: Liza deposits some money at 2% interest, with twice as much deposited at 4%. Find the amount deposited at each rate ig if the total annual interest income is $1400.
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Question 1008253: Liza deposits some money at 2% interest, with twice as much deposited at 4%. Find the amount deposited at each rate ig if the total annual interest income is $1400.
You can put this solution on YOUR website! Call the amount invested at 2%, x.
Then 2x is the amount invested at 4%.
The set up looks like this:
.02x + .04(2x) = 1400
.02x + .08x = 1400
.1x = 1400
x = $14000 at 2%
2x = $28000 at 4%
