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Question 1105491: Jolene invests her savings in two bank accounts, one paying 6 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 5840 dollars. How much did she invest at each rate?
Amount invested at 6 percent interest is
Amount invested at 8 percent interest is
Answer by ikleyn(52760)   (Show Source):
You can put this solution on YOUR website! .
interest + interest = total interest
0.06*(2x) + 0.08*x = 5840.
Solve for x, where x = the amount invested at 8%.
Then evaluate 2x, which is the amount invested at 6%.
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To see more solved problems on investment, look into the lesson
- Using systems of equations to solve problems on investment
in this site.
Also, you have this free of charge online textbook in ALGEBRA-I in this site
- ALGEBRA-I - YOUR ONLINE TEXTBOOK.
The referred lessons are the part of this online textbook under the topic "Systems of two linear equations in two unknowns".
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Free of charge online textbook in ALGEBRA-I
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