SOLUTION: An investment of ​$92 comma 000 was made by a business club. The investment was split into three parts and lasted for one year. The first part of the investment earned̴
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: An investment of ​$92 comma 000 was made by a business club. The investment was split into three parts and lasted for one year. The first part of the investment earned̴
Log On
Question 1130191: An investment of $92 comma 000 was made by a business club. The investment was split into three parts and lasted for one year. The first part of the investment earned 8% interest, the second 6%, and the third 9%. Total interest from the investments was $ 7200. The interest from the first investment was 4 times the interest from the second. Find the amounts of the three parts of the investment. Answer by greenestamps(13200) (Show Source):
The amount of interest from the part at 8% was 4 times the amount of interest from the part at 6%. The 8% rate is 4/3 of the 6% rate; to get 4 times as much interest, using an interest rate that is 4/3 as large, the amount at 8% must be 3 times the amount at 6%. So
let x = amount at 6%
then 3x = amount at 8%
and (92000-4x) = amount at 9%
