SOLUTION: A person
invests a total of R200 000 in money-market accounts at three different banks: Bank A pays 6% interest
per year on a low risk investment, Bank B pays 6,5% per year on a
Algebra.Com
Question 1110205: A person
invests a total of R200 000 in money-market accounts at three different banks: Bank A pays 6% interest
per year on a low risk investment, Bank B pays 6,5% per year on a medium risk investment and Bank
C pays 8% per year on a high risk investment. Suppose the person invests two times the amount of
Bank A at Bank B, and the total interest earned after one year is R14 000. Compose three independent
equations and use reduction of a 3×3 matrix to determine how much was invested at each bank.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
x=amount at A
2x=amount at B
200,000-3x=amount at C, everything left after A and B.
.06x+.065(2x)+.08(200000-3x)=14000
.19x-.24x+16000=14000
-.05x=-2000
x=40000@ 6%=2400 at A
2x=80000@6.5%=5200 at B
200000-3x=80000@8%=6400 at C
adds to 14,000
RELATED QUESTIONS
Can you help me with this?
An individual has a total of $1000 in 2 banks. The first... (answered by Earlsdon)
A bank pays 3% compound interest per year. Jeremy invests $2 000. How much money will he... (answered by Cromlix)
A person invests 6000 dollars in a bank. The bank pays 6% interest compounded daily. To... (answered by lwsshak3)
Scott invested a total of $6300 at two separate banks. One bank pays simple interest of... (answered by ikleyn)
The left bank is offering CD’s at 5%. The right bank is offering a money market account... (answered by dkppathak)
Scott invested a total of $6300 at two separate banks. One bank pays simple interest of... (answered by god2012)
Andrew invests $8000 in two types of accounts: a savings account that pays 5.25%... (answered by macston)
Mr. Agoncillo has at least php 150 000 deposited in two banks. one bank gives an annual... (answered by richwmiller)
A teacher invests $12,000 in accounts and earns $$870 in interest for the year. Part of... (answered by greenestamps)