Question

in planning her retirement liza deposits some money at 3% interest, with twice as much deposited at 4.5%. find the amount deposited at each of the total annual interest income is $1680

Answer 1

If in planning her retirement liza deposits some money at 3% interest, with twice as much deposited at 4.5%. The amount deposited at each of the total annual interest is: $14,000 is invested at 4% and $28,000 is invested at 4.5%.

Amount deposited

Let x represent amount deposited at 3%

Let 2x represent the amount deposited at 4.5%

Hence:

.03x + .045(2x) = $1680

.12x = $1680

Divide both side by .12x

x=$1680/.12

x = $14,000 at 3%

So,

2x= $14,000

x=2×14,000

x=$28,000 at 4.5%

Therefore the amount deposited at each of the total annual interest is: $14,000 is invested at 4% and $28,000 is invested at 4.5%.

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