Answered

Welcome to Westonci.ca, the place where your questions are answered by a community of knowledgeable contributors. Experience the ease of finding reliable answers to your questions from a vast community of knowledgeable experts. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields.

You inherit one million dollars. You invest it all in three accounts for one year. The first account pays 3% compounded annually, the second account pays 4% compounded annually, and the third account pays 2% compounded annually. After one year, you earn $34,000 in interest. If you invest four times the money into the account that pays 3% compared to 2%, how much did you invest in each account?

Sagot :

ogorwyne

The amount that was invested are at 3% = 400000, at 4% = 500000 and at 2% = 100000

How to solve for the amount invested

We have x + y + z = 1000000

((1+0.03)x - x)+ ((1+0.04)y - y) + ((1 + 0.02)z-z) = 34000

4z + x + z = 1000000

((1+0.03)4z - 4z)+ ((1+0.04)y - y) + ((1 + 0.02)z-z) = 34000

((1+0.03)4z - 1)+ ((1+0.04)y - 1) + ((1 + 0.02)z-1) = 34000

12/100z + 4/100y +2/100z = 34000

2y + 7z = 1700000

-2y - 10z = -2000000

2y + 7z = 1700000

Solve through the use of the simultaneous linear equation

z = 100000

y = 500000

x = 400000

The amount that was invested are at 3% = 400000, at 4% = 500000 and at 2% = 100000

Read more on compounding here:

https://brainly.com/question/2449900

#SPJ1

Thanks for using our platform. We're always here to provide accurate and up-to-date answers to all your queries. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Thank you for trusting Westonci.ca. Don't forget to revisit us for more accurate and insightful answers.