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A man invests his savings in two accounts, one paying 6% and the other paying 10% simple interest per year. He puts twice as much in the lower-yielding account because it is less risky. His annual interest is $2,640. How much did he invest at each rate?

 Sep 29, 2020
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Amount of income  at 10% = .10 (x)

Amount of income  at 6%   = .06(2x)           summed = 2640

 

.1x + .12x = 2640       solve for x   the 10% amount    then 6% amount = 2x

 Sep 29, 2020

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