Problema Solution
John invests twice as much money at 6% as he does at 5%. If his investments earn a total of $680 in 1 year, how much does he have invested at each rate?
Answer provided by our tutors
let
x = the money invested at 6%
y = the money invested at 5%
John invests twice as much money at 6% as he does at 5%
x = 2y
his investments earn a total of $680 in 1 year
0.06x + 0.05y = 680
by solving the system of equations
x = 2y
0.06x + 0.05y = 680
we find
x = $8,000
y = $4,000
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John invested $8,000 at 6% and $4,000 at 5%.