Problema Solution
Bill invested twice as much in a account at a 5% interest rate as another account that has a 11% interest rate.After one year he earned 6,720.00 in interest for both accounts. How much did Bill invest in each account?
Answer provided by our tutors
Let
x = the money invested at 11% interest rate
2x = the money invested at 5% interest rate
0.05*2x + 0.11x = 6720
........
click here to see the equation solved for x
........
x = $32,000
Bill invested $32,000 at the account that has 11% interest rate and 2*32,000 = $64,000 at the account that has 5% interest rate.