SOLUTION: Jolene invests her savings in two bank accounts, one paying 3 percent and the other paying 11 percent simple interest per year. She puts twice as much in the lower-yielding account
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Question 1054023: Jolene invests her savings in two bank accounts, one paying 3 percent and the other paying 11 percent simple interest per year. She puts twice as much in the lower-yielding account because it is less risky. Her annual interest is 2805 dollars. How much did she invest at each rate? Answer by jorel555(1290) (Show Source):
You can put this solution on YOUR website! Let n be the amount invested at 11%. Then the one paying 3% is 2n. So:
.11n+2(.03)n=2805
.17n=2805
n=$16500 was invested at 11%; and $33000 was invested at 3%. ☺☺☺☺
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