Isabelle M.
asked • 09/03/24In planning her retirement, Liza deposits some money at 1.5% interest, with twice as much deposited at 3%. Find the amount deposited at each rate if the total annual interest income is $1350
More
1 Expert Answer
Raymond B. answered • 03/03/26
Tutor
5
(2)
Math, microeconomics or criminal justice
.015x+.03(2x)= 1350
.075x = 1350
x= 1350/.075= 1,350,000/75= 450,000/25
= $18,000 at 1.5%
2x= $36,000 at 3%
3% of 36000= 1080
1.5% of 18000= 270
1080+270=1350
Still looking for help? Get the right answer, fast.
Ask a question for free
Get a free answer to a quick problem.
Most questions answered within 4 hours.
OR
Find an Online Tutor Now
Choose an expert and meet online. No packages or subscriptions, pay only for the time you need.
Brian L.
Let X represent the initial amount invested at 1.5%. We also know 2X was invested at 3%. So the equation becomes: x*0.015+2x*0.03=$1,350 x*(0.015+0.06)=$1350 x*0.075=$1350. Solving for X x=$18,000 @ 1.5% & $36,000 @ 3%09/15/24