Q:

jose invests money in two simple interests account. he invests twice as much in an account paying 13% as he does in an account paying 5%. if he earns $93.00 in interest in one year from both accounts combined how much did he invest altogether​

Accepted Solution

A:
Answer:He invested altogether $900Step-by-step explanation:* Lets explain how to solve the problem- Jose invests money in two simple interests account- He invests twice as much in an account paying 13% as he does in  an account paying 5%- That means the amount he invested in the account paying 13% is   twice the amount he invested in the account paying 5%- He earns $93.00 in interest in one year from both accounts combined- We need to find how much he invested in each account- Assume that he invested $x in the account paying 5%∵ He invested twice as much in an account paying 13% as he does in    an account paying 5%∴ He invested $2x in the account paying 13%- The simple interest I = PRT, where P is the money invested, R is the   rate of interest in decimal and t is the time of investment# Account paying 13%∵ P = 2x , R = 13/100 = 0.13 , T = 1∴ I = 2x(0.13)(1)∴ I = 0.26 x ⇒ (1)# Account paying 5%∵ P = x , R = 5/100 = 0.05 , T = 1∴ I = x(0.05)(1)∴ I = 0.05 x ⇒ (2)∵ He earns $93.00 in interest in one year from both accounts- Add (1) and (2) and equate the sum by 93.00∴ 0.26 x + 0.05 x = 93.00- Add like terms in the left hand side∴ 0.31 x = 93.00- Divide both sides by 0.31∴ x = 300∴ 2x = 2(300)∴ 2x = 600∵ x represents the amount of money invested in the account paying 5%∴ The amount of money invested in the account of 5% is $300∴ The amount of money invested in the account of 13% is $600- The total amount of money he invested is the sum of the money   he invested in each account [$300 + $600 = $900]∴ He invested altogether $900