SOLUTION: An artist invested in a mutual fund account paying at 8% and $7000 more than twice as much In a mutual fund account paying 4% Her total annual interest income from the investments
Algebra ->
Percentage-and-ratio-word-problems
-> SOLUTION: An artist invested in a mutual fund account paying at 8% and $7000 more than twice as much In a mutual fund account paying 4% Her total annual interest income from the investments
Log On
Question 1191770: An artist invested in a mutual fund account paying at 8% and $7000 more than twice as much In a mutual fund account paying 4% Her total annual interest income from the investments is $1240 How much does she invest at each rate Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! x at 8% gets 0.08x a year
2x+7000 at 4% gets 0.08x+280 per year
They add to 1240
so 0.16x+280=1240
0.16x=960
x=$6000, which at 8%=$480
2x=7000=19000, which at 4%=760
They add to $1240
$6000 at 8%
$19000 at 4%
