SOLUTION: A woman invested 4 times as much at 2% as she did at 6%. The total amount of interest she earns in 1 year from both accounts is $560. How much did she invest at each rate?

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Question 510903: A woman invested 4 times as much at 2% as she did at 6%. The total amount of interest she earns in 1 year from both accounts is $560. How much did she invest at each rate?

Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
A woman invested 4 times as much at 2% as she did at 6%. The total amount of interest she earns in 1 year from both accounts is $560. How much did she invest at each rate?
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Equations:
Quantity: x - 4y = 0
Interest:0.06x + 0.02y = 560
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Multiply Quantity by 6
Multiply Interest by 100
6x - 24y = 0
6x + 2y = 56000
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Subtract and solve for "y":
26y = 56000
y = $2153.85
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Solve for "x":
x = $8115.39
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Cheers,
Stan H.
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