SOLUTION: a person plans to invest twice as much in an account that pays 8% annual interest as in an account that pays 13% annual interest. how much will the person have to invest in each ac

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Question 613288: a person plans to invest twice as much in an account that pays 8% annual interest as in an account that pays 13% annual interest. how much will the person have to invest in each account to earn a total of 1885 in one year
Found 2 solutions by Earlsdon, ewatrrr:
Answer by Earlsdon(6294) (Show Source):
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Let x = the amount to be invested at 13% and 2x = the amount to be invested at 8%.
The sum of the interests earned on these two amounts can be expressed as:
x(0.13)+2x(0.08) and this is to equal 1885 per annum, so you can write the equation needed to solve for x:
0.13x+0.16x = 1885 Simplify.
0.29x = 1885 Divide both sides by 0.29
x = 6,500 and 2x = 13,000
The person would need to invest 6,500 at 13% and 13,000 at 8% in order to earn 1,885 per annum.

Answer by ewatrrr(24785) (Show Source):
You can put this solution on YOUR website!

Hi,
a person plans to invest twice as much in an account that pays 8% annual interest
as in an account that pays 13% annual interest..earning $1885
2x(.08) + x(.13) = 1885
x = 1885/.29 = $6500
$6500 at 13% annual interest & $13,000 at 8% annual interest