Question 356191: Equal amounts are invested in each of three accounts paying 7%, 8%, and 10.5% annually. If one year's combined interest income is $1,224.00, how much is invested in each account?
$______________
please show steps on how to solve this problem, thank you.
Answer by mananth(16949)   (Show Source):
You can put this solution on YOUR website! Equal amounts are invested in each of three accounts paying 7%, 8%, and 10.5% annually. If one year's combined interest income is $1,224.00, how much is invested in each account?
..
let the amount be $x
interest for 1 year at 7% = 0.07x
Interest for 1 year at 8%=0.08x
10.5% =0.105x
...
0.07x+0.08x+0.105x=1224
0.255x=1224
x= 1224/0.255
x= $4,800 invested in each amount
...
m.ananth@hotmail.ca
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