Mr. Smith invest a certain amount of money at 8% interest and twice as much at 5% his annual income from the two Investments is $720 how muc

Question

Mr. Smith invest a certain amount of money at 8% interest and twice as much at 5% his annual income from the two Investments is $720 how much does he have invested at 5% in dollars

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Mackenzie 4 weeks 2021-09-19T07:35:50+00:00 1 Answer 0

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    2021-09-19T07:36:57+00:00

    Answer: he invested $8000 at 5%

    Step-by-step explanation:

    Let x represent the amount which he invested in the account paying 8% interest.

    Let y represent the amount which he invested in the account paying 5% interest.

    Mr. Smith invest a certain amount of money at 8% interest and twice as much at 5% . This means that

    xmy = 2x

    The formula for determining simple interest is expressed as

    I = PRT/100

    Considering the account paying 8% interest,

    P = $x

    T = 1 year

    R = 8℅

    I = (x × 8 × 1)/100 = 0.08x

    Considering the account paying 5% interest,

    P = $y

    T = 1 year

    R = 5℅

    I = (y × 6 × 1)/100 = 0.05y

    His annual income from the two Investments is $720 it means that

    0.08x + 0.05y = 720 – – – – – – – – – -1

    Substituting y = 2x into equation 1, it becomes

    0.08x + 0.05 × 2x = 720

    0.08x + 0.1x = 720

    0.18x = 720

    x = 720/0.18

    x = 4000

    y = 2x = 2 × 4000

    y = $8000

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