SOLUTION: In planning her​ retirement, Liza deposits some money at 4.5​% ​interest, with twice as much deposited at 5​%. Find the amount deposited at each rate if the
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Question 1122586: In planning her retirement, Liza deposits some money at 4.5% interest, with twice as much deposited at 5%. Find the amount deposited at each rate if the total annual interest income is $1740. Answer by ikleyn(52754) (Show Source):
Let x be the amount deposited at 4.5%.
Then the amount deposited at 5% is 2x, according to the condition.
Your equation is THIS :
interest + interest = total interest
0.045x + 0.05*(2x) = 1740 dollars.
Simplify and solve for x:
0.045x + 0.1x = 1740
0.145x = 1740 ====> x = = 12000.
Answer. $12000 were deposited at 4.5% and $24000 were deposited at 5%.
