Question

In planning her retirement, Liza deposits some money at 3% interest, with twice as much deposited at 5%. Find the amount deposited at each rate if the total annual

interest income is $2080.

Answer 1

16000 at 3%

32000 at 5%

Explanation:

x= amount invested at 3%

y= amount invested at 5%

.03x+.05y=2080

2x=y

.03x+.05(2x)=2080

.03x+.1x=2080

.13x=2080

x= 16000

2*16000= y

32000=y