SOLUTION: James invested $300 000 in stocks at 15%, bonds at 10% and a savings account at 2%. He invested 4 times as much in stock as he did in savings. After one year he earned $35 600 in i
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Question 1038219: James invested $300 000 in stocks at 15%, bonds at 10% and a savings account at 2%. He invested 4 times as much in stock as he did in savings. After one year he earned $35 600 in interest. How much money did he invest in each bank? Answer by jorel555(1290) (Show Source):
You can put this solution on YOUR website! Let m,n,and p represent the different amounts. Then:
m+n+p=300000
m=4p
n=300000-m-p=300000-5p
.15m+.1n+.02p=35600
.15(4p)+.1(300000-5p)+.02p=35600
.6p+30000-.5p+.02p=35600
.12p=5600
p=5600/.12=$46666.67 invested at 2%
4p=$186666.67 invested at 15%
300000-m-p=$66666.66667 invested at 10%!!!!!!!!!
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