A sum of $5000 is invested in three mutual funds that pay 8%, 11%, and 14% annual
Question:
A sum of $5000 is invested in three mutual funds that pay 8%, 11%, and 14% annual interest rates. The amount of money invested in the fund paying 14% equals the total amount of money invested in the other two funds, and the total annual interest from all three funds is $595.
(a) Write a system of equations whose solution gives the amount invested in each mutual fund. Be sure to state what each variable represents.
(b) Solve the system of equations.
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Let x equal the amount invested at 8 y equal t...View the full answer
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Related Book For
College Algebra With Modeling And Visualization
ISBN: 9780134418049
6th Edition
Authors: Gary Rockswold
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