Question

Paul invested twice as much money in an account paying 4% interest

than he did in an account paying 3% interest. If the total interest paid
was $165, how much did he invest in each?
at 4% and $
at 3%

Answer 1

• $3000 at 4%
• $1500 at 3%

Explanation:

Let x represent the amount invested at 3%. Then the amount invested at 4% is 2x, and the total interest is ...

3%·x + 4%·2x = 165

11%·x = 165 . . . . . . . . . simplify

x = 165/0.11 = 1500

2x = 3000

Paul invested $3000 at 4% and $1500 at 3%.