A worker received a $10,000 bonus and decided to split it among three different accounts. He placed part in a savings account paying 4.5% per year, twice as much in government bonds paying 5%, and the rest in a mutual fund that returned 4%. His income from these investments after one year was $455. How much did the worker place in the government bonds?

Question

Haylie Kent

Business

1 September, 03:04

A worker received a $10,000 bonus and decided to split it among three different accounts. He placed part in a savings account paying 4.5% per year, twice as much in government bonds paying 5%, and the rest in a mutual fund that returned 4%. His income from these investments after one year was $455. How much did the worker place in the government bonds?

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Answers (1)

Know the Answer?

Karter Harvey · Answer 1

so savings = $2200

bonds = $4400

and mutual fund = $3400

Explanation:

given data

received bonus = $10,000

savings account paying = 4.5% per year

bonds paying = 5%

mutual fund that returned = 4%

income from these investments = $455

to find out

How much did the worker place in the government bonds

solution

we consider amount invested for 4.5 % is = x

and hen his investment in bonds is = 2x for 5%

and rest is 10000 - x - 2x

that is = (10000 - 3x) for 4%

so

interest equation will be here

0.045 x + 0.05 (2x) + 0.04 (10000-3x) = 455

solve we get

x = 2200

so savings = $2200

bonds = $4400

and mutual fund = $3400