Find the value of n.
1 answer:
You might be interested in
Answer:
<h2>$ 22200 in higher yielding bank and $ 44400 in lower yielding bank</h2>Step-by-step explanation:
Jolene invests in two bank accounts. The first account gives a 4% interest per year and the second bank gives a 10% interest rate per year.
She puts twice as much in the lower yielding bank account. Let us denote the amount put in high yielding bank account by . Lower yielding bank account will have
.
Interest from lower yielding bank =
Interest from higher yielding bank =
Total Interest per year = $ 3996 =
∴ Jolene invested $ 22200 in higher yielding bank and $ 44400 in lower yielding bank.