Problema Solution
Equal amounts are invested at 6%, 7%, and 8% annual interest. If the three investments yield a total of $2,037 annual interest, find the total investment.
Answer provided by our tutors
Equal amounts are invested at 6%, 7%, and 8% annual interest. If the three investments yield a total of $2,037 annual interest, find the total investment.
Let x be the equal amount incetsed at 6%, 7% and 8%.
0.06x+0.07y+0.08X=2037.
0.21x=2037.
x=2037/0.21
=$9700.
Total invetsment =9700+9700+9700
=$29100.