SOLUTION: Mary Auburn makes three investm,ents. The investment that pays 12% is twice the amount of the account that pays 9%. The amount inveted at 10% is $500 more than the amount invested
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Question 217380: Mary Auburn makes three investm,ents. The investment that pays 12% is twice the amount of the account that pays 9%. The amount inveted at 10% is $500 more than the amount invested at 9%. If the annual interest income is $1555, how much money is invested at each rate?
Please help!!
Thank you!! Answer by ankor@dixie-net.com(22740) (Show Source):
You can put this solution on YOUR website! three investments.
The investment that pays 12% is twice the amount of the account that pays 9%.
The amount inveted at 10% is $500 more than the amount invested at 9%.
If the annual interest income is $1555, how much money is invested at each rate?
:
Let x = amt invested at 9%
:
"The investment that pays 12% is twice the amount of the account that pays 9%."
therefore:
2x = amt invested at 12%
:
"The amount invested at 10% is $500 more than the amount invested at 9%."
therefore:
(x+500) = amt invested at 10%
:
If the annual interest income is $1555, how much money is invested at each rate?
.09x + .12(2x) + .10(x+500) = 1555
.09x + .24x + .10x + 50 = 1555
.43x = 1555 - 50
.43x = 1505
x =
x = $3500 invested at 9%
then
2(2500) = $7000 invested at 12%
and
3500 + 500 = $4000 invested at 10%
;
:
Is that true?
.09(3500) + .12(7000) + .10(4000)
315 + 840 + 400 = 1555
