Problema Solution
Javier invests money in two accounts. He invests twice as much in an account paying 12% as he does in an account paying 7%. If he earns $310.00 in interest 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 7%
y = the money invested in an account paying 12%
He invests twice as much in an account paying 12% as he does in an account paying 7%:
y = 2x
After 1 year he earns $310.00 in interest.
Money earned from the 12% account + Money earned from the 6% account = $310
0.07x + 0.12y = 310
by solving the system of equations
y = 2x
0.07x + 0.12y = 310
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click here to see the system of equations solved for x and y
........
x = $1,000
y = $2,000
x + y = 1,000 + 2,000 = $3,000
Javier invested $3,000 altogether.