SOLUTION: 45,500A company placed $1,000,000 in three different accounts. It placed part in short-term notes paying 4.5% per year, twice as much in government bonds paying 5%, and the rest in

Algebra ->  College  -> Linear Algebra -> SOLUTION: 45,500A company placed $1,000,000 in three different accounts. It placed part in short-term notes paying 4.5% per year, twice as much in government bonds paying 5%, and the rest in      Log On


   

Question 105057: 45,500A company placed $1,000,000 in three different accounts. It placed part in short-term notes paying 4.5% per year, twice as much in government bonds paying 5%, and the rest in utility bonds paying 4%. The income after one year was $45,500. How much did the company place in each account?
Answer by checkley75(3666) About Me  (Show Source):
You can put this solution on YOUR website!
.045X+.05*2X+.04(1,000,000-3X)=45,500
.045X+.1X+40,000-.12X=45,500
.145X-.12X=45,500-40,000
.025X=5,500
X=5,500/.025
X=220,000 INVESTED IN 4.5% NOTES.
2*220,000=440,000 INVESTED IN 5% GOV. BONDS.
1,000,000-220,000-440,000=340,000 INVESTED IN UTILITY BONDS.
PROOF
.045*220,000+.05*440,000+.04*340,000=45,500
9,900+22,000+13,600=45,500
45,500=45,500