Question 683103: Melody has $45,000 to invest and wishes to
receive an annual income of $4290 from this
money. She has chosen investments that pay
5%, 8%, and 12% simple interest. Melody
wants to have the amount invested at 12% to
be double the amount invested at 8%. How
much should she invest at each rate?
Answer by mananth(16946)   (Show Source):
You can put this solution on YOUR website! Total money $45,000
annual income of $4290 from this money.
5%,(45000-3x)
8%,,----------------x
and 12% ------------2x (double of x)
equate the interest
(45000-3x)*5% +8%x+12%(2x)=4290
multiply by 100
(45000-3x)*5 +8x+12(2x)=4290*100
225000-15x+8x+24x=429000
17x= 429000-225000
17x=204000
/17
x=204000/17
x=12000 nvestment @ 8%
Now you can calculate the other amounts
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