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An inheritance of $24,000 is to be divided among three trusts with the second trust receiving twice as much as the first trust. The three trusts pay interest at the rates of 9%, 10%, and 6% annually, respectively, and return a total in interest of$2210 at the end of the first year. How much was invested in each trust?
Solution
VerifiedLet dollars be the amount invested in the first trust. Twice as much is invested in the second trust so dollars is invested in the second trust. A total of is invested in the three trusts so dollars is invested in the third trust. Since the trusts earn 9%, 10%, and 6% annual interest, respectively, then the amount of interest earned on the three trusts is . It is given that the amount of interest earned is so . Solve this equation for :
Therefore is invested in the first trust, is invested in the second trust, and was invested in the third trust.
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