Question 557477: in planning her retirement, lliza deposits some money at 4% interest, with twice as much deposited at 4.5%. find the amount deposited at each rate in the total annual interest income is 2340.
Answer by Earlsdon(6294)   (Show Source):
You can put this solution on YOUR website! If x = the smaller amount deposited and 2x = the larger amount, you can express the earnings on these two amounts, after converting the percentages to their decimal equivalents, as follows:
0.04x+0.045(2x) = 2340 Simplify and solve for x.
0.04x+0.09x = 2340
0.13x = 2340
x = 18000 and...
2x = 36000
So Lliza(?) deposited 18,000 (dollars or pounds or...?) at 4% interest and 36,000 at 4.5% interest.
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