Problema Solution
A man invests 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 $91.00 in interest in one year from both accounts combined, how much did he invest altogether?
Total Principle in both accounts=$
Answer provided by our tutors
let
x = the money invested at 6$
2x = the money invested at 11%
he earns $91.00 in interest in one year from both accounts combined
0.06x + 0.11*2x = 91
by solving we find
x = $325
click here to see the step by step solution of the equation
total principal = x + 2x = 3x = 3*325 = $975.