To have more depositors, new investment products must be made to the small businesses and single entities. The investment products must be pay an interest from 3% to 10% anually. Grabbing this opportunity to earn, a professional has invested money in three accounts which pay 5%, 7%, and 8% in annual interest. He has three times as much invested at 8% as she does at 5%. If he invested Php. 80,000 in total and obtained interest for the year with an amount of PhP 5750, how much money does he have in each account? Formulate the system of equations generated by this investment problem
To have more depositors, new investment products must be made to the small businesses and single entities. The investment products must be pay an interest from 3% to 10% anually. Grabbing this opportunity to earn, a professional has invested money in three accounts which pay 5%, 7%, and 8% in annual interest. He has three times as much invested at 8% as she does at 5%. If he invested Php. 80,000 in total and obtained interest for the year with an amount of PhP 5750, how much money does he have in each account? Formulate the system of equations generated by this investment problem
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 have more depositors, new investment products must be made to the small businesses and single entities. The investment products must be pay an interest from 3% to 10% anually. Grabbing this opportunity to earn, a professional has invested money in three accounts which pay 5%, 7%, and 8% in annual interest. He has three times as much invested at 8% as she does at 5%. If he invested Php. 80,000 in total and obtained interest for the year with an amount of PhP 5750, how much money does he have in each account?
Formulate the system of equations generated by this investment problem.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Recommended textbooks for you
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,
