Jolene invests her savings in two bank accounts, one paying 4 percent and the other paying 11 percent simple interest per year. She puts twice as much in the lo

Question

Jolene invests her savings in two bank accounts, one paying 4 percent and the other paying 11 percent simple interest per year. She puts twice as much in the lower-yielding account because it is less risky. Her annual interest is 8778 dollars. How much did she invest at each rate?

Answer 1

Good morning,

 

x= amount invested at 11%

 

(.04)(2x) + (.11)(x) =8778

 

.08x + .11x = 8778

 

.19x = 8778

 

x = 46,200

 

She invested 46,200 at 11% and 92,400 (twice the other account) at 4%