SOLUTION: Paul invested three times as much in an account paying 4% interest as he did in an account paying 1% interest. If the total interest paid was $390, how much did he invest in each
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Question 1020742: Paul invested three times as much in an account paying 4% interest as he did in an account paying 1% interest. If the total interest paid was $390, how much did he invest in each account? Answer by fractalier(6550) (Show Source):
You can put this solution on YOUR website! Call what he invests at 1%, x. Then he invests 3x at 4%. We write this as
.01x + (.04)(3x) = 390
.01x + .12x = 390
.13x = 390
x = $3000 at 1% and then
3x = $9000 at 4%
