Jolene Invest Her Savings

Question

Jolene invests her savings in two bank accounts, one paying 3 percent and the other paying 8 percent simple interest per year. She puts twice as much in the lower-yielding account because it is less risky. Her annual interest is $526 . How much did she invest at each rate? 

Answer 1

suppose she put m of her money into the high interest rate and 2m in the low interest rate

at the end of year the annual interest will be:

m * 0.08 + 2m * 0.03 = 526

0.08m + 0.06m = 526

0.14m = 526

m = 526 / 0.14

m = 3757.14

She invested

m = 3757.14 at the higher rate and

2m = 7514.28 at the lower rate