Question

In planning her​ retirement, Liza deposits some money at 4.5​% ​interest, with twice as much deposited at 5​%. Find the amount deposited at each rate if the total annual interest income is ​$2755.

She deposited ​$___ at 4.5​% and ​$___ at 5​%.

Answer 1

$19000 and $ 38000

Explanation:

Let X be the amount of money deposited at 4.5% interest rate

2X be deposited at 5% interest rate

Total annual Interest Income = 2755

4.5%(X) + 5%(2X) = 2755

.045X + .1X = 2755

0.145X= 2755

X = 2755÷ 0.145

X = $19,000 amount deposited at 4.5% interest rate

2X = 19000(2)

$38,000 deposited at 5% interest rate

Answer 2

For this problem, we can assume that we deposits X money at 4.5% interest, than we can know that 2X were deposited at 5% interest, therefore we can get the equation of:  4.5%*X+5%*2X=2755, than we can get X=19000, so the 2X=38000, than we can concluded that: she deposited $19000 at 4.5% and $38000 at 5%.