SOLUTION: Wendy was awarded a volleyball scholarship to the University of Michigan, so on graduation her parents gave her the $20,000 they had saved for her college tuition. She opted to inv

Question 899973: Wendy was awarded a volleyball scholarship to the University of Michigan, so on graduation her parents gave her the $20,000 they had saved for her college tuition. She opted to invest some money in a privately held company that pays 10 % per year and evenly split the remaining money between a money market account yielding 2 % and a high-risk stock that yielded 40 %. At the end of the first year she had $23,320 total. How much did she invest in each of the three?
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
Let = amount invested @ 10%
Let = amount invested @ 2%
= amount invested @ 40%
---------------------------------
(1)
and
(2)
-------------------------------
(2)
(2)
(2)
--------------------------
Multiply both sides of (1) by
and subtract (1) from (2)
(2)
(1)
---------------------------

and, since
(1)
(1)
(1)
(1)
-----------------
The amount invested @ 10% is $8,000
The amount invested @ 2% is $6,000
The amount invested @ 40% is $6,000
----------------------------------
check:
(2)
(2)
(2)
(2)
OK

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