Related questions with answers
An inheritance of $20,000 is divided among three investments yielding a total of$1780 in interest per year. The interest rates for the three investments are 7%, 9%, and 11%. The amounts invested at 9% and 11% are $3000 and$1000 less than the amount invested at 7%, respectively. Find the amount invested at each rate.
Solution
VerifiedLet be the amount invested at 7%, be the amount invested at 9%, and be the amount invested at 11%.
Since the total investment is , then .
dollars invested at 7% will yield dollars in interest, dollars invested at 9% will yield dollars in interest, and dollars invested at 11% will yield dollars in interest. The total amount of interest is then dollars. Since the investments earn a total of in interest, then .
If the amount invested at 9% is less than the amount invested at 7%, then .
If the amount invested at 11$is less than the amount invested at 7%, then .
The system of equations is then
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