To accommodate more depositors, new investment products were made avanable to the small businesses and single entities. These investment products pay varying interest ranging from 3% to 10% per annum. Grabbing this opportunity to earn, a young professional has invested money in three accounts that pay 5%, 7%, and 8% in annual interest. She has three times as much invested at 8% as she does at 5%. If the total amount she had invested is PhP 80,000 and obtained interest for the year with an amount of PhP 5,750, how much money does she have in each account? Formulate the system of equations generated by this investment problem. Solve using Inverse Matrix Method.
To accommodate more depositors, new investment products were made avanable to the small businesses and single entities. These investment products pay varying interest ranging from 3% to 10% per annum. Grabbing this opportunity to earn, a young professional has invested money in three accounts that pay 5%, 7%, and 8% in annual interest. She has three times as much invested at 8% as she does at 5%. If the total amount she had invested is PhP 80,000 and obtained interest for the year with an amount of PhP 5,750, how much money does she have in each account? Formulate the system of equations generated by this investment problem. Solve using Inverse Matrix Method.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
Related questions
Question
![To accommodate more depositors, new investment products were made
avanable to the small businesses and single entities. These investment products pay
varying interest ranging from 3% to 10% per annum. Grabbing this opportunity to earn,
a young professional has invested money in three accounts that pay 5%, 7%, and 8% in
annual interest. She has three times as much invested at 8% as she does at 5%. If the
total amount she had invested is PhP 80,000 and obtained interest for the year with an
amount of PhP 5,750, how much money does she have in each account? Formulate the
system of equations generated by this investment problem. Solve using Inverse Matrix
Method.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F125a3925-3a3d-4400-9115-ed5fae363066%2Fbc1b5d2e-b339-45d1-82f7-36281cdb060e%2Fhhcbabm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:To accommodate more depositors, new investment products were made
avanable to the small businesses and single entities. These investment products pay
varying interest ranging from 3% to 10% per annum. Grabbing this opportunity to earn,
a young professional has invested money in three accounts that pay 5%, 7%, and 8% in
annual interest. She has three times as much invested at 8% as she does at 5%. If the
total amount she had invested is PhP 80,000 and obtained interest for the year with an
amount of PhP 5,750, how much money does she have in each account? Formulate the
system of equations generated by this investment problem. Solve using Inverse Matrix
Method.
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