Problema Solution
Equal amounts are invested in each of three accounts paying 3%, 4%, and 12.5% annually. If one year's combined interest income is $916.50, how much is invested in each account?
Answer provided by our tutors
let 'x' represent the amount invested in each of the three accounts
0.03x + 0.04x + 0.125x = 916.50
by solving we find:
x = $4,700
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$4,700 is invested in each account.