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17.10.2020 •
Mathematics
Luke received an inheritance of $15000 that he divided into three parts and invested in three ways: in a money-market (x) fund paying 4% annual interest;in municipal bonds (y) paying 3.5% annual interest; and in mutual funds (z) paying 8% annual interest. Luke invested twice in mutual funds than in money-market fund. He earned $845 in interest the first year. How much did Luke invest in each type of fund?
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Ответ:
Kindly check explanation
Step-by-step explanation:
Total principal invested = $15000
Investment x at 4% (0.04)
Investment y at 3.5% = 0.035
Investment z at 8% = 0.08
z investment = 2x
Total interest earned = $845
Simple interest = principal * rate * time
y * 0.035 + x * 0.04 + 2x * 0.08 = 845
0.035y + 0.2x = 845 - - - (1)
y + x + 2x = 15000
3x + y = 15000 - - - - (2)
y = 15000 - 3x
0.035(15000 - 3x) + 0.2x = 845
525 - 0.105x + 0.2x = 845
525 + 0.095x = 845
0.095x = 845 - 525
0.095x = 320
x = 320/0.095
x = 3368.42
Z = 2x
Z = 2 * 3368.42 = $6736.84
y = 15000 - 3(3368.42)
y = $4894.74
Ответ: