SOLUTION: John invests twice as much money at 6% as he does at 5%. If his investments earn a total of $680 in one year, how much does he have invested at each rate?
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: John invests twice as much money at 6% as he does at 5%. If his investments earn a total of $680 in one year, how much does he have invested at each rate?
Log On
Question 195407: John invests twice as much money at 6% as he does at 5%. If his investments earn a total of $680 in one year, how much does he have invested at each rate? Answer by nerdybill(7384) (Show Source):
You can put this solution on YOUR website! John invests twice as much money at 6% as he does at 5%. If his investments earn a total of $680 in one year, how much does he have invested at each rate?
.
Let x = amount invested at 5%
then
2x = amount invested at 6%
.
.05x + .06(2x) = 680
.05x + .12x = 680
.17x = 680
x = 680/.17
x = $4000 (amount invested at 5%)
.
Amount invested at 6%:
2x = 2(4000) = $8000
