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 A man invests his savings in two accounts, one paying 6 percent and the other paying 10 percent simple interest per year. He puts twice as much in the lower-yielding account because it is less risky. His annual interest is 286 dollars. How much did he invest at each rate?
 

 Dec 9, 2020
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For how long did he invest his money? I will assume 1 year.

 

Let the amount he invested @ 10% =T

Then, the amount he invested @ 6% =2T

 

0.10T + 0.06*2T ==286

0.22T == 286

T =286 / 0.22

T==1,300 dollars @ 10%

1,300 x 2 =2,600 dollars @ 6%

 Dec 10, 2020

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