SOLUTION: Jolene invests her savings in two bank accounts, one paying 5 percent and the other paying 8 percent simple interest per year. She puts twice as much in the lower-yielding account
Question 1129559: Jolene invests her savings in two bank accounts, one paying 5 percent and the other paying 8 percent simple interest per year. She puts twice as much in the lower-yielding account because it is less risky. Her annual interest is 1944 dollars. How much did she invest at each rate?
5% interest-
8% interest- Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website! Let = amount invested @ 8% = amount of interest from 8% account = amount of interest from 5% account
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(1)
(2)
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(1)
(2)
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Plug (1) into (2)
(2)
(2)
(2)
and
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$21,600 @ 5%
$10,800 @ 8%
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check:
(1)
(1)
(1)
and
(2)
(2)
(2)
(2)
OK
