Question

Jolene invests her savings in two bank accounts, one paying 5 percent and the other paying 9 percent simple interest per year. She puts twice as much in the lower-yielding account because it is less risky. Her annual interest is 4598 dollars. How much did she invest at each rate?

Answer 1

X is the amount invested at 6%

Y is the amount invested at 9%

0.06X + 0.09Y = 4998

X = 2Y

0.06(2Y) + 0.09Y = 4998

.12Y + 0.09Y = 4998

0.21Y = 4998

21Y = 499800

Y = 499800/21 = 23800

So X = 2*23800 = 47600

$47,600 is invested at 6% and $23800 is invested at 9%