Problema Solution
a man invest money in two simple interest accounts. he invests twice as much in an account paying 11% as he does in an account paying 6%. if he earns 91.00 dollars in one year from both accounts combined, how much did he invest altogether?
Answer provided by our tutors
let
x = the money invested in an account paying 11%
y = the money invested in an account paying 6%
he invests twice as much in an account paying 11% as he does in an account paying 6%
x = 2y
after 1 year he earns $91.00
money earned from the 11% account + money earned from the 6% account = $91
0.11x + 0.06y = 91
by solving the system of equations
x = 2y
0.11x + 0.06y = 91
we find
x = $650
y = $325
x + y = 650 + 325 = $975
he invested $975 altogether.