Solve the problem.
-Melissa invested a sum of money at 3% annual interest. She invested three times that sum at 5% annual interest. If her total yearly interest from both investments was $5400, how much was invested at 3%?
A) $67,500
B) $30,000
C) $202,500
D) $22,500

Question

Quizplus · Accepted Answer

Let x be the amount invested at 3%. Then 3x is invested at 5%. The equation for total interest is 0.03x + 0.05(3x) = 5400. Solving this gives x = $30,000.

Solve the Problem. -Melissa Invested a Sum of Money at 3% Annual Interest