Problema Solution
Equal amounts are invested in each of three accounts paying 7%,8% and 10.5% anually. If one years combined interests income is 1,249,50 how much is invested in each account?
Answer provided by our tutors
et the amount be $x
interest for 1 year at 7% = 0.07x
Interest for 1 year at 8%=0.08x
10.5% =0.105x
...
0.07x+0.08x+0.105x=1224
0.255x=1224
x= 1224/0.255
x= $4,800 invested in each amount