Question 803336: Bob invests in two different retirement funds. He invests some money in a fund with 3% interest and twice as much money in another fund at 4.5% interest. Find the amount deposited at each rate if the total annual interest income is $3,000.
This is what I have so far but I am stuck....
X amount of $ 3% interest; twice as much money at 4.5% interest.
Find out amount at each rate if interest income=$3000
X= # of $ invested at 3%
Y= # of $ invested at 4.5%
Interest=% times $ invested
X+y=$3,000
3%x+4.5%y=$3,000
Answer by mananth(16946)   (Show Source):
You can put this solution on YOUR website! Bob invests in two different retirement funds. He invests some money in a fund with 3% interest and twice as much money in another fund at 4.5% interest. Find the amount deposited at each rate if the total annual interest income is $3,000.
This is what I have so far but I am stuck....
X amount of $ 3% interest; twice as much money at 4.5% interest.
Find out amount at each rate if interest income=$3000
X= # of $ invested at 3%
Y= # of $ invested at 4.5%
Interest=% times $ invested
X+y=$3,000
3%x+4.5%y=$3,000
your second equation is right.
but first is not OK
sum invested is not $3000 . It is the interest
2x=y
3%x+4.5%y=$3,000
multiply by 100
3x+4.5y=300000
substitute y=2x
3x+4.5*2*x =3000000
12x=300000
/12
x=25000
He invested $25,000at 3 % and 50,000at 4.5%
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