Investment problem?

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Equal amounts are invested at 6%, 7%, and 8% annual interest. If the three investments yield a total of $2,037 annual interest, find the total investment.

Please help me, I don't know how to begin. I would really appreciate it.

2007-09-09 09:24:26 · 2 answers · asked by Anonymous in Science & Mathematics ➔ Mathematics

2 answers

Well, if you invest equal amounts at 6, 7, and 8%...they'll average to 7%, won't they?

Test it: 300 split evenly is 100. 6% of 100 is 6. 7% of 100 is 7. 8% of 100 is 8. Add them. You get 21. This is 7% of 300.

So, we know X * 7% = $2037

X * 0.07 = $2037

X = $29100

2007-09-09 09:47:33 · answer #1 · answered by PMP 5 · 0⤊ 0⤋

.06x+.07x+.08x=2037
.21x=2037
x=$9700

have yourself a good day.

2007-09-09 16:47:05 · answer #2 · answered by climberguy12 7 · 0⤊ 0⤋