Jolene invests her savings in two bank accounts, one paying 6 percent and the other paying 9 percent simple interest per year.

Question

Jolene invests her savings in two bank accounts, one paying 6 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 4998 dollars. How much did she invest at each rate?

Amount invested at 6 percent interest is $

Amount invested at 9 percent interest is $

Answer 1

X is the amount invested at 6%

Y is the amount invested at 9%

 

0.06X + 0.09Y = 4998

 

X = 2Y

 

 

0.06(2Y) + 0.09Y  = 4998

 

.12Y + 0.09Y = 4998

 

0.21Y = 4998

 

21Y = 499800

 

Y = 499800/21 = 23800

 

So X = 2*23800 = 47600

 

$47,600 is invested at 6% and $23800 is invested at 9%