SOLUTION: Equal amounts are invested in each of three accounts paying 6%, 9%, and 14.5% annually. If one year's combined interest income is $1,209.50, how much is invested in each account?
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Question 729487: Equal amounts are invested in each of three accounts paying 6%, 9%, and 14.5% annually. If one year's combined interest income is $1,209.50, how much is invested in each account?
Answer by checkley79(3341) (Show Source): You can put this solution on YOUR website!
.145X+.09X+.06X=1,209.50
.295X=1,209.50
X=1,209.50/.295
X=$4,100 DOLLARS INVESTED @ EACH RATE.
PROOF:
.145*4,100+.09*4,100+.06*4,100=1,209.50
594.50+369+246=1,209.50
1,209.50=1,209.50
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