SOLUTION: A man has three sums of money invested, one at 4 per cent, one at 3 1/2 per cent, and one at 3 per cent.His total annual income from the three investments is $416.The first investm
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Question 495194: A man has three sums of money invested, one at 4 per cent, one at 3 1/2 per cent, and one at 3 per cent.His total annual income from the three investments is $416.The first investment yields $104 more per year than the other two combined.If he could receive 1/2 per cent more on each investment his annual income would be increased by $55.75.How much does he have invested at each rate? Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website! This looks like simple interest, and not compound interest
Let = amount invested @ 4%
Let = amount invested @ 3.5%
Let = amount invested @ 3%
given:
(1)
(2)
(3)
---------------------------------
Multiply both sides of all equations by
(1)
(2)
(3)
-----------------------------
Divide both sides of all equations by
(1)
(2)
(3)
--------------------------
Rewrite (2) and add it to (1)
(1)
(2)
-------------
Put this value back into (1)
(1)
(1)
(1)
(1)
---------------------
Plug this result into (3)
(3)
(3)
(3)
(3)
(3)
-------------
Plug and into (1) to find
(1)
(1)
(1)
(1)
(1)
-------------
$6,500 = amount invested @ 4%
$3,300 = amount invested @ 3.5%
$1,350 = amount invested @ 3%
