Question 1183157: Stonewall earns a year-end bonus of $6000 and puts it in 3 different accounts Ecobank, Stanbic Bank and Fidelity Bank that earns him a total of $522 in simple interest at the end of the year. The interest rate is 3%, 5% and 6% respectively.If Mr. Stonewall invested $1200 more in Fidelity Bank than in Ecobank, find the amount of money Mr. Stonewall invested in Ecobank, Stanbic Bank and Fidelity Bank
Found 2 solutions by ikleyn, josgarithmetic:
Answer by ikleyn(52786)   (Show Source):
You can put this solution on YOUR website! .
Stonewall earns a year-end bonus of $6000 and puts it in 3 different accounts Ecobank, Stanbic Bank and Fidelity Bank
that earns him a total of $522 in simple interest at the end of the year. The interest rate is 3%, 5% and 6% respectively.
If Mr. Stonewall invested $1200 more in Fidelity Bank than in Ecobank, find the amount of money Mr. Stonewall
invested in Ecobank, Stanbic Bank and Fidelity Bank
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With the given data, the problem HAS NO solution in positive real numbers.
Answer by josgarithmetic(39617)  (Show Source):
You can put this solution on YOUR website!
RATE QUANT. INTEREST
Econo 0.03 6000-x-(x+1200)=4800-2x 0.03(4800-2x)
Stanbic 0.05 x 0.05x
Fidelity 0.06 x+1200 0.06(x+1200)
TOTAL 6000 522
.
.
Simplifying and solve for x, amount deposited in Stanbic Bank would be 6120 which makes no sense. No solution in real, positive numbers.
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