SOLUTION: A man invests his savings in two accounts, one paying 6 percent and the other paying 10 percent simple interest per year. He puts twice as much in the lower-yielding account becaus
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: A man invests his savings in two accounts, one paying 6 percent and the other paying 10 percent simple interest per year. He puts twice as much in the lower-yielding account becaus
Log On
Question 1000209: A man invests his savings in two accounts, one paying 6 percent and the other paying 10 percent simple interest per year. He puts twice as much in the lower-yielding account because it is less risky. His annual interest is 3960 dollars. How much did he invest at each rate? Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! investment in 10% --------x
Investment in 6% ----------2x
10%x+6%(2x) = 3960
multiply by 100
10x+12x=396000
22x=396000
x= 396000/22
x=18000
10000 @ 10%
20,000 @6%
