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5 July, 09:05

Jolene invests her savings in two bank accounts, one paying 4% and the other paying 11% interest per year. She puts twice as much in the lower-yielding account because it is less risky. If she earned $7923 of total interest for the year, how much was invested in each account

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  1. 5 July, 10:46
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    Jolene invested $41,700 in the high risk account and $83,400 in the low risk account.

    Explanation:

    Let L equal the amount invested in the low risk account.

    Let H equal the amount invested in the high risk account.

    0.04L + 0.11H = 7,923

    L = 2H

    we just replace L by 2H

    0.04 (2H) + 0.11H = 7,923

    0.08H + 0.11H = 7,923

    0.19H = 7,923

    H = 7,923 / 0.19 = 41,700

    L = 41,700 x 2 = 83,400
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