Question

In planning her retirement, Liza deposits some money at 4% interest, with twice as much deposited

at 5%. Find the amount deposited at each rate if the total annual interest income is $2660.

Answer 1

See below

Explanation:

x = 4% amount interest = .04x

2x = 5 % amount interest = .02 (2x ) = .1 x

.04x + .1 x = 2660

.14x = 2660

x = 19000 dollars at 4 % 2x = 38000 dollars at 5%