SOLUTION: Bill invests in a plan that has an interest rate of 2%. He invests two times as much in a plan that has an interest rate of 3%. If the total interest from the investments is $ 336
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Question 713234: Bill invests in a plan that has an interest rate of 2%. He invests two times as much in a plan that has an interest rate of 3%. If the total interest from the investments is $ 336 after one year how much was invested in each plan? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Bill invests in a plan that has an interest rate of 2%. He invests two times as much in a plan that has an interest rate of 3%. If the total interest from the investments is $ 336 after one year how much was invested in each plan?
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Equation:
interest + interest = interest
0.02x + 0.03(2x) = 336
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2x + 6x = 33600
8x = 33600
x = $4200 (amt. invested in the 2% plan)
2x = $8400 (amt. invested in the 3% plan)
Cheers,
Stan H.
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