SOLUTION: I am having trouble solving this word problem:
An amount of money is invested at 4% annual simple interest, and twice that amount is is invested at 5%. The total annual interes
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An amount of money is invested at 4% annual simple interest, and twice that amount is is invested at 5%. The total annual interes
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Question 639229: I am having trouble solving this word problem:
An amount of money is invested at 4% annual simple interest, and twice that amount is is invested at 5%. The total annual interested is $112. How much is invested at each rate?
I would like to see what the equation would be to help solve a problem like this. Thanks! Found 2 solutions by solver91311, cta1987:Answer by solver91311(24713) (Show Source):
You can put this solution on YOUR website! I=prt
Since the word problem did not mention time, it is understood to be 1 year.
interest=112
principal=0.04x
rate=0.05(2x)
time=1 year
0.04x+0.05(2x)=112
100(0.04x+0.05[2x]=112)
4x+10x=11200
14x=11200
x=800
Checking
0.05(2)(800)=80
0.04(800)=32
