Problema Solution
A woman invested 4 times as much at 2% as she did at 3%. The total amount of interest she earns in 1 year from both accounts is $990. How much did she invest at each rate?
Answer provided by our tutors
Let
x = the money invested at 3%
4x = the money invested at 2%
0.03x + 0.02*4x = 990
........
click here to see the equation solved for x
........
x = $9,000
4*9,000 = $36,000
The woman invested $9,000 at 3% and $36,000 at 2%.