SOLUTION: PLEASE HELP! I want to get better at solving this kind of problem for my math class.
Sarah invested some money in an account earning 10.2% simple interest and three times that a
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Sarah invested some money in an account earning 10.2% simple interest and three times that a
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Question 1140929: PLEASE HELP! I want to get better at solving this kind of problem for my math class.
Sarah invested some money in an account earning 10.2% simple interest and three times that amount in an account earning 12% simple interest. She earned $462 in interest after one year. How much does Sarah! invest in each account? Answer by ikleyn(52794) (Show Source):
Let x be an amount invested at 10.2%.
Then the amount invested at 12% is (3x) dollars, according to the condition.
The interest from the 10.2% account is 0.102*x dollars.
The interest from the 12% account is 0.12*(3x) dollars.
Your equation is
interest + interest = total interest, or
0.102*x + 0.12*(3x) = 462 dollars.
From the equation, express x and calculate the answer
x = = 1000 dollars.
Answer. The amount at 10.2% is $1000; the amount at 12% is 3 times it, i.e. = $3000.
Check. 0.102*1000 + 0.12*3000 = 462 dollars. ! Correct !
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It is a typical and standard problem on investment.
You will find there different approaches (using one equation or a system of two equations in two unknowns), as well as
different methods of solution to the equations (Substitution, Elimination).
