Problema Solution
a person invested $42,000 in three funds paying 5%, 7%, and 9% simple interest. The total annual interest from these investments was $2,600. the amount of money invested at 5% was $200.00 less than the amount invested at 7% and 9% combined. How much was invested in each fund? Check your solution.
Answer provided by our tutors
assume the the amount of money invested at 5% was X ,so the amount invested at 7% and 9% combined was x + $200
x + (x + $200) = $2600
x = $1200
the invested in 5% is $1200
so the count of 5% is $1200 /5% = $24000
the count of 7% and 9% is $42000-$24000 = $18000
assume the count of 7% is y
so 7%y + 9%($18000 - y) = $1200 + $200
0.02y = $1620 - $1400 = $220
y = $11000
so the invested in 7% is 11000*7% = $770
the invested in 9% is 9%(18000 - y) = $630