Homework
Questions Attempts allowed Limits Points
7 Questions 3 No Time Limit 7 pts possible
You're in the middle of taking this assessment.
Resume Assessment
Answer Back Next
Question 6 of 7 (1 point)
Jose invests money in two simple interest accounts. He invests twice as much in an account paying 10% as he does in an account paying 7%. If he earns $94.50 in interest in one year from both accounts combined, how much did he invest altogether?
Total Principal in Both Accounts = $
Is this an assessment (test) for you or for Jiskha tutors?
its not a test its an assignment that i don't understand how to do i was looking for someone to explain it to me
To find the total amount that Jose invested, we need to set up an equation based on the given information.
Let's denote the amount Jose invested in the account paying 10% as x. Since he invests twice as much in the 10% account as the 7% account, the amount he invested in the 7% account will be x/2.
The formula to calculate simple interest is: Interest = Principal * Rate * Time
In one year, the interest earned from the 10% account will be: 0.10 * x * 1 = 0.10x
And the interest earned from the 7% account will be: 0.07 * (x/2) * 1 = 0.07(x/2)
According to the problem, the total interest earned from both accounts combined is $94.50. So we can set up the equation:
0.10x + 0.07(x/2) = 94.50
Now we can solve this equation to find the value of x, which represents the amount invested in the 10% account.
0.10x + 0.07(x/2) = 94.50
Multiply both sides of the equation by 2 to eliminate the fraction:
0.20x + 0.07x = 189
0.27x = 189
Divide both sides of the equation by 0.27:
x = 700
So, Jose invested $700 in the account paying 10%.
To find the total amount that Jose invested altogether, we can simply add the amount invested in the 10% account (x = $700) to the amount invested in the 7% account (x/2 = $350):
Total Principal in Both Accounts = $700 + $350 = $1050
Therefore, Jose invested $1050 altogether.