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Question

Jolene invests her savings in two bank accounts, one paying 5 percent and the other paying 10 percent simple interest per year. She puts twice as much in the lower-yielding account because it is less risky. Her annual interest is 9960 dollars. How much did she invest at each rate?

Amount invested at 5 percent interest is $
0
Incorrect
Amount invested at 10 percent interest is $
0
Incorrect

Answer 1

SOLUTION

 

Set up two equations representing the information given...

 

Use decimal numbers to represent the interest rates of the investments...

 

Therefore, the equations would be:

 

0.05X + 0.10Y = 9960 [EQUATION 1: The amounts invested at 5% and 10%]

 

X = 2Y [EQUATION 2: Jolene invests twice as much in the lower yielding account]

 

Now simply substitute either X or Y from EQUATION 2 into EQUATION 1 and solve for the variables.

 

If you need further explanation, please feel free to send me a message.