SOLUTION: Paul invested twice as much money in an account paying 7% interest than he did in an account paying 1% interest. If the total interest paid was $225, how much did he invest in each
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Question 782622: Paul invested twice as much money in an account paying 7% interest than he did in an account paying 1% interest. If the total interest paid was $225, how much did he invest in each? Answer by lwsshak3(11628) (Show Source):
You can put this solution on YOUR website! Paul invested twice as much money in an account paying 7% interest than he did in an account paying 1% interest. If the total interest paid was $225, how much did he invest in each?
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let x=amount of money invested in 1% account
2x=amount of money invested in 7% account
..
.01x+.07*2x=225
.15x=225
x=1500
2x=3000
amount of money invested in 1% account=$1500
amount of money invested in 7% account=$3000
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