It is Interest with 2 variables.

Question

Jolene invests her savings in two bank accounts, one paying 3 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 3434 dollars. How much did she invest at each rate?

Answer 1

0.03(2x) + 0.11x = 34

0.06x + 0.11x = 34

0.17x = 34

17x = 3400

x = 200

0.03(400) + 0.11(200) = 12 + 22 = 34

$400 in the conservative investment of 3%

200 in the aggressive investment of 11%