A man invests his savings in two accounts, one paying 6% and the other paying 10% simple interest per year. He puts twice as much in the lower-yielding account because it is less risky. His annual interest is $5786 dollars. How much did he invest at each rate?

Question

Mathematics

Remington Fletcher

25 April, 14:23

A man invests his savings in two accounts, one paying 6% and the other paying 10% simple interest per year. He puts twice as much in the lower-yielding account because it is less risky. His annual interest is $5786 dollars. How much did he invest at each rate?

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Answers (1)

Know the Answer?

Rohan · Answer 1

at 10 % amount will be $26300

at 6 % amount will be $52600

Step-by-step explanation:

given data

rate r1 = 6%

rate r2 = 10 %

interest = $5786

to find out

How much he invest

solution

we know man save at rate 6% and 10 %

and get interest $5786

so we consider invest amount at 10% = x

and so invest amount at 6% = 2x

so interest equation will be

0.10 (x) + 0.06 (2x) = 5786

0.10 x + 0.12x = 5786

0.22 x = 5786

x = 26300

so

at 10 % amount will be $26300

at 6 % amount will be $52600