SOLUTION: an investor has three investments which pay 2%, 5%, and 8% respectively. he has three times as much invested at 5% than at 2% and $700 more invested at 8% than at 2%. if the total
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-> SOLUTION: an investor has three investments which pay 2%, 5%, and 8% respectively. he has three times as much invested at 5% than at 2% and $700 more invested at 8% than at 2%. if the total
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Question 186414: an investor has three investments which pay 2%, 5%, and 8% respectively. he has three times as much invested at 5% than at 2% and $700 more invested at 8% than at 2%. if the total interest from the investments after 1 year is $431, how much was invested at 5%? Answer by ankor@dixie-net.com(22740) (Show Source):
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An investor has three investments which pay 2%, 5%, and 8% respectively.
he has three times as much invested at 5% than at 2% and $700 more invested
at 8% than at 2%. if the total interest from the investments after 1 year is
$431, how much was invested at 5%?
:
Three investments
x = 2%
y = 5%
z = 8%
total interest:
.02x = .05y + .08z = 431
:
"he has three times as much invested at 5% than at 2%"
y = 3x
:
" $700 more invested at 8% than at 2%."
z = (x+700)
;
Substitute for y and z in the total interest equation:
.02x + .05(3x) + .08(x+700) = 431
.02x + .15x + .08x + 56 = 431
.25x = 431 - 56
.25x = 375
x =
x = $1500 invested at 2%
:
how much was invested at 5%?
y = 3(1500)
y = $4500 invested at 5%
:
:
:
Check solution in the total interest equation:
.02(1500) + .05(4500) + .08(1500+700) =
30 + 225 + 176 = 431; confirms our solution
