A student has money in three accounts that pay 5%,7%, and 8% in annual interest. she has three times as much invested at 8% as she does at 5%. If the total amount she has invested is $1600 and her interest for the year comes to $115, how much money does she have in each account?

Question

Mathematics

Lea Becker

1 August, 12:21

A student has money in three accounts that pay 5%,7%, and 8% in annual interest. she has three times as much invested at 8% as she does at 5%. If the total amount she has invested is $1600 and her interest for the year comes to $115, how much money does she have in each account?

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Answers (1)

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Rohan Mcclain · Answer 1

Let x be the amount invested at 5%

therefore 3x is the amount invested at 8%

1600 - x - 3x is the amount invested at 7%

115 = 0.05x + 0.08 (3x) + 0.07 (1600-4x)

115 = 0.05x + 0.24x + 112 - 0.28x

115 - 112 = 0.01x

3 = 0.01x

x = 3/0.01

x = 300

Therefore, she has invested $300 at 5%, $400 at 7%, and $900 at 8%.