SOLUTION: Fred invested some money at 3%, and then invested $5,000 more than twice this amount at 6%. His total annual income from the two investments was $2250. How much was invested at 6%?
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Question 992074: Fred invested some money at 3%, and then invested $5,000 more than twice this amount at 6%. His total annual income from the two investments was $2250. How much was invested at 6%? Answer by macston(5194) (Show Source):
You can put this solution on YOUR website! .
x=amount invested at 3%; 2x+$5000= amount invested at 6%
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0.03x+0.06(2x+$5000)=$2250
0.03x+0.12x+$300=$2250
0.15x=$1950
x=$13000
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Amount at 6%=2x+$5000=2($13000)+$5000=$26000+$5000=$31000
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CHECK:
0.03x+0.06(2x+$5000)=$2250
0.03($13000)+0.06($31000)=$2250
$390+$1860=$2250
$2250=$2250
