SOLUTION: Create coefficient matrix and augmented matrix for the following:
A total of $25,000 is invested in three funds: market giving 6%, company giving 7%, and bank giving 8% simple int
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A total of $25,000 is invested in three funds: market giving 6%, company giving 7%, and bank giving 8% simple int
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Question 908626: Create coefficient matrix and augmented matrix for the following:
A total of $25,000 is invested in three funds: market giving 6%, company giving 7%, and bank giving 8% simple interest. The yearly interest is $1620. $6000 more is invested in the company than in the bank. How much is invested in each of the funds. Answer by ewatrrr(24785) (Show Source):
You can put this solution on YOUR website! x amount invested at 8%
.08x + .07(x+6000) + .06(19000-2x) = 1620
x = (1620-420 - 1140)/.03 = 2000
$2000 at 8%, $8000 at 7% and $15,000 at 6%
