SOLUTION: This is my question:
A person invested $42,000 in three funds paying 5%, 7%, and 9% simple interest. The total annual interest from these investments was $2,600. The amount of mon
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Question 455331: This is my question:
A person invested $42,000 in three funds paying 5%, 7%, and 9% simple interest. The total annual interest from these investments was $2,600. The amount of money invested at 5% was $200 less than the amount invested at 7% and 9% combined. How much was invested in each fund? Check your solution.
Thank you!
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
A person invested $42,000 in three funds paying 5%, 7%, and 9% simple interest. The total annual interest from these investments was $2,600. The amount of money invested at 5% was $200 less than the amount invested at 7% and 9% combined. How much was invested in each fund? Check your solution.
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Equations:
Quantity:::: f + s + n = 42000
Interest::: 5f +7s +9n = 260000
Quantity::: f -s -n = -200
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Solve the system by any method you know to get:
f = $20,900
s = $17,200
n = $3,900
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Cheers,
Stan H.
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