Question 185362This question is from textbook
: Fearful of bank failure, Norman split his life savings of $60,000 among three banks. He received 5%, 6%, and 7% on three deposits. In the account earning 7% interest, he deposited twice as much as in the account earning 5% interest. If his total earnings were $3,760, then how much did he deposit in each account?
This question is from textbook
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Norman split his life savings of $60,000 among three banks.
x + y + z = 60000
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He received 5%, 6%, and 7% on three deposits.
0.05x + 0.06y + 0.07z = 3700
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In the account earning 7% interest, he deposited twice as much as in the account earning 5% interest.
z = 2x
If his total earnings were $3,760, then how much did he deposit in each account?
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Rearrange the equations and make some modifications to get:
x + y + z = 60000
5x + 6y + 7z = 376000
2x + 0 - z = 0
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Solve by any method you know to get:
x = 16000
y = 12000
z = 32000
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Cheers,
Stan H.
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