SOLUTION: An accountant has money in three accounts that pay 8%, 10%, and 11% in annual interest. He has twice as much invested at 8% as he does at 10% and three times as much invested at 11
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Question 460151: An accountant has money in three accounts that pay 8%, 10%, and 11% in annual interest. He has twice as much invested at 8% as he does at 10% and three times as much invested at 11% as he does at 10%. If the total interest from the three accounts is $472 for the year, how much is invested at each rate? (Hint: Let x = the amount invested at 10%.)
You can put this solution on YOUR website! let a be the amount invested in the account at 8%
let b be the amount invested in the account at 10%
let c be the amount invested in the account at 11%
We know that a = 2b and c= 3b
So if express all three account in terms of b we get (2b*8%)+(b*10%)+(3b*11%) = $472
(16b/100)+(10b/100)+(33b/100) = $472
59b/100 = $472
59b = $47200
b = $800
a = 2b = 2*800 = $1600
c = 3b = 3*800 = $2400
