Problema Solution
Joan Arlington has twice as much money invested at 5% simple annual interest as she does at 4%. If her yearly income from the two investments is $203,how much does she have at each rate?
Answer provided by our tutors
let
2x = the money invested at 5% simple annual interest rate
x = the money invested at 4% simple annual interest rate
her yearly income from the two investments is $203
0.05*2x + 0.04*x = 203
by solving we find
x = $1,450
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2x = 2*1,450 = $2,900
Joan Arlington invested $2,900 at 5% and $1,450 at 4%.