SOLUTION: Jolene invests her savings in two bank accounts, one paying 5 percent and the other paying 9 percent simple interest per year. She puts twice as much in the lower-yielding account
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Question 924459: Jolene invests her savings in two bank accounts, one paying 5 percent and the other paying 9 percent simple interest per year. She puts twice as much in the lower-yielding account because it is less risky. Her annual interest is 6441 dollars. How much did she invest at each rate? Answer by richwmiller(17219) (Show Source):
You can put this solution on YOUR website! Total yearly interest for the two accounts is: $6441
x=2y+0
0.05*x+0.09*y=6441
Substitute for x
0.05*(2y+0)+0.09*y=6441
Multiply out
0.1y+0+0.09*y=6441
Combine like terms.
0.1y+0+0.09*y=6441
0.1y+0.09*y=6441-0
0.19*y=6441
Isolate y
0.19*y=6441
y=6441/0.19
y=$33900 at 9%
y rounded off
y=$ 33900.00 at 9%
x=2y+0
x=2*33900+0
x=67800+0
x=$67800 at 5%
x rounded off
x=$ 67800.00 at 5%
x=$67800.00 at 5%
y=$33900.00 at 9%
Check
0.05*67800+0.09*33900=6441
3390+3051=6441
6441=6441
If this statement is TRUE and neither x nor y is negative then all is well
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