The annual interest on Sid's 3 investments amounted to $21,000: 6% on a savings acct, 8% on mutual funds and 12% on bonds. If the amount of Sid's investments in bonds was twice the amunt of his investment in the savings acct, and the interest earned from his investment in bonds was equal to the dividends he received from his investment in mutual funds, how much money did he place in each investment?
--from linear equations.. What confuses me is the dividend part..
2007-01-24 16:57:42 · 1 answers · asked by Anonymous in Science & Mathematics ➔ Mathematics
1) bonds=2x
2) savings=x
3) 2x*.12=y*.08
4) 2x*.12+x*.06+y*.08=21000
First solve 3) for y: y=3x
Next substitute this into 4) to get 2x*.12+x*.06+3x*.08=21000
.66x=21000
x=$31818.18 this is the amount invested in savings
2x=$63636.36 is the amount invested in bonds
y=3x=$95454.54 is the amount invested in mutual funds
2007-01-24 17:22:23 · answer #1 · answered by bruinfan 7 · 0⤊ 0⤋