How much did she invest at each rate?

timer Asked: Oct 21st, 2015

Question description

Monica decides to divide a total of $24,000 into three investments: a savings account paying 5% interest, a time deposit paying 7%, and a bond paying 9%. Her total annual interest from the three investments was $2600, and the interest from the savings account was $200 less than the total interest from the other two investments. How much did she invest at each rate?

Tutor Answer

(Top Tutor) Studypool Tutor
School: Purdue University
Studypool has helped 1,244,100 students
flag Report DMCA
Similar Questions
Hot Questions
Related Tags

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors