I need to find the money deposited at each rate

Question

In planning her retirement, Liza deposits some money at 4% interest, with twice as much deposited at 5%. Find the amount deposited at each rate if the total annual interest rate is $1820

Answer 1

Hello Jordan,

 

Let us say an amount A is deposited at 4% per annum interest. Then amount 2A is deposited at 5% per annum interest.

 

Amounts of Interest, for 1 year, are A(4/100) and 2A(5/100).

 

Thus A(0.14)  = 1820 and thus A = 13000

 

Hope this helps,

 

Wishing you the best,

 

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