You invest some money at 2% and 1000 more than twice this amount at 4%. If the total annual interest was $240, how much did you invest at each percent?

$2000 at 2% and $5000 at 4%

Step-by-step explanation:

Let's call the amount invested at 2% 'X', so the amount invested at 4% is 2X+1000.

Then, if the total annual interest is 240, we have that:

X * 2% + (2X+1000) * 4% = 240

0.02X + 0.08X + 40 = 240

0.1X = 200

X = 200/0.1

X = $2000

If X is $2000, the second value is 2X+1000 = $5000

So it was invested $2000 at 2% and $5000 at 4%.

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