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28 December, 09:40

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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  1. 28 December, 10:01
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    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%.
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