Bill invested $15,000 in three accounts. the savings account paid 1% interest, the mutual fund paid 10% interest, and the CD paid 2% interest. in one year, Bill earned $210 in interest. if bill put four times as much in savings as he put in the CD, how much money did bill put into mutual funds

Question

Aleena Cantrell

Mathematics

16 October, 23:54

Bill invested $15,000 in three accounts. the savings account paid 1% interest, the mutual fund paid 10% interest, and the CD paid 2% interest. in one year, Bill earned $210 in interest. if bill put four times as much in savings as he put in the CD, how much money did bill put into mutual funds

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Answers (1)

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Christian Long · Answer 1

Answer: $11,727.27

Step-by-step explanation:

CD: $X

Savings: $4X

Mutual: $ (15,000-5X)

0.02X + 0.01*4X + 0.1 (15000-5x) = 210

0.06X + 1500 - 0.5X = 210

-0.44X = 210-1500 = - 1290

X = 2931.82

4X = 4*2931.82 = $11,727.27