Precalculus: Mathematics for Calculus, 7th Edition

Published by Brooks Cole
ISBN 10: 1305071751
ISBN 13: 978-1-30507-175-9

Chapter 10 - Review - Exercises - Page 770: 43

Answer

$3000$ dollars in the $6\%$ account and $6000$ dollars in the $7\%$ account.

Work Step by Step

Step 1. Assume $x$ amount is invested in the $6\%$ account and $y$ amount is invested in the $7\%$ account. Step 2. Based on the conditions given, we get set up the following system of equation: $\begin{cases} y=2x\\0.06x+0.07y=600 \end{cases}$ Step 3. Use substitution, the second equation becomes $0.06x+0.07\times2x=600$ which gives $x=3000$ and $y=6000$ dollars Step 4. Conclusion: $3000$ dollars is invested in the $6\%$ account and $6000$ dollars is invested in the $7\%$ account.
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