document.write( "Question 1095075: erica invests some money in three different accounts. she put some of it in a CD earning 3% and twice as much in an IRA paying 4% simple interest. she also decided to invest $1000 more than what she has invested in the cd Into a money mutual fund earning 5% simple interest. Determine how much money Erica invested in each account if she earned $370 in interest after 1 year. \n" ); document.write( "

Algebra.Com's Answer #709685 by ikleyn(52776) $\"\"$ $\"About$

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\n" ); document.write( "Erica invests some money in three different accounts. she put some of it in a CD earning 3% and twice as much in an IRA
\n" ); document.write( "paying 4% simple interest. she also decided to invest $1000 more than what she has invested in the cd Into a money mutual fund
\n" ); document.write( "earning 5% simple interest. Determine how much money Erica invested in each account if she earned $370 in interest after 1 year.
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document.write( "Let \"x\" be the amount (in dollars) Erica invested in CD earning 3%.\r\n" );
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document.write( "Then the amount invested in the IRA paying 4% is 2x, according to the condition.\r\n" );
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document.write( "Similarly, her investment in the mutual fund  is (x+1000) dollars.\r\n" );
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document.write( "Now you are ready to write the \"earnings equation\":\r\n" );
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document.write( "0.03*x + 0.04*(2x) + 0.05*(x+1000) = 370.\r\n" );
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document.write( "Simplify:\r\n" );
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document.write( "0.03x + 0.08x + 0.05x + 50 = 370  ====>\r\n" );
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document.write( "0.16x = 370 - 50 = 320  ====>  x =  = 2000.\r\n" );
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document.write( "So, Erica invested  $2000 at 3%,  $4000 at 4%  and  $3000 at 5%.\r\n" );
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document.write( "Check.  0.03*2000 + 0.04*4000 + 0.05*3000 = 370 dollars.  ! Correct !\r\n" );
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