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In planning her retirement, Carrie deposits some money at 2.5 % interest, with twice as much at 3% .Find the amount deposited at each rate if the total annual interest income is $850.

BTW the answer is $10,000 @ 2.5 % and $20,000 @ 3%

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3 ANSWERS


  1. $10,000 @ 2.5 % and $20,000 @ 3%

    :P


  2. 2.5x + 3y = 85000

    y = 2x

    therefore

    2.5x + 6x = 85000

    8.5x = 85000

    x = 85000/8.5 = 10 000

    y = 2x = 2 x 10 000 = 20 000

    therefore 10 000 @ 2.5 % and 20 000 @ 3 %

  3. According the condition she deposits $x at 2.5% interest and $2x at 3.0% interest.

    The total annual interest is 0.025x + 0.03*2x = 850  or 0.085x=850 x=10,000

    The answer is x=10,000 @ 2.5% and 20,000 @ 3.5%

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