SOLUTION: Fearful of bank failure, Norman split his life savings of $60,000 among three banks. He received 5%, 6%, and 7% on three deposits. In the account earning 7% interest, he deposited

Question 185362This question is from textbook
: Fearful of bank failure, Norman split his life savings of $60,000 among three banks. He received 5%, 6%, and 7% on three deposits. In the account earning 7% interest, he deposited twice as much as in the account earning 5% interest. If his total earnings were $3,760, then how much did he deposit in each account? This question is from textbook

Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Norman split his life savings of $60,000 among three banks.
x + y + z = 60000
-----------------------
He received 5%, 6%, and 7% on three deposits.
0.05x + 0.06y + 0.07z = 3700
--------------------------------------
In the account earning 7% interest, he deposited twice as much as in the account earning 5% interest.
z = 2x
If his total earnings were $3,760, then how much did he deposit in each account?
-----------------------------
Rearrange the equations and make some modifications to get:
x + y + z = 60000
5x + 6y + 7z = 376000
2x + 0 - z = 0
-------------------------
Solve by any method you know to get:
x = 16000
y = 12000
z = 32000
=============================
Cheers,
Stan H.
RELATED QUESTIONS
A worker received a $10,000 bonus and decided to split it among three different accounts. (answered by mananth)

Mr.Bob cashed $185 in his bank. He received $1 bills, $5 bills,and $10 bills in this... (answered by oberobic,stanbon)

Edgar borrowed a total of $10,000 from three sources: the bank, his mom, and a close... (answered by mananth)

On his son's 3rd birthday his parents deposited P20,000 in his name in a investment house (answered by Theo)

Your business has decided to advertise on three social networking sites: Facebook,... (answered by Solver92311)

A person invests a total of R200 000 in money-market accounts at three different banks: (answered by Boreal)

Joan saved $21,000 in two banks. One bank gives 4 3/5% annual interest, and the other... (answered by stanbon)

Mr.Agoncillo has a savings account in two banks. The combined amount of these savings is... (answered by CPhill)