Math Problem Statement
Susan placed $5,600 into three investments: Account A paid 10% simple interest, Account B paid 12% simple interest, and Account C paid 18% simple interest. The total interest earned after one year is $792. If the amount of money placed in Account C is $900 more than the amount placed in Account B, find the amount of each investment in dollars.
Solution
Let the amount of money placed in Account A, Account B, and Account C be denoted as , , and respectively. Based on the problem, we can set up the following equations:
-
The total amount invested:
-
The total interest earned from all three accounts:
-
The amount placed in Account C is $900 more than the amount placed in Account B:
Now, we can solve this system of equations.
Step 1: Substitute into the first and second equations.
-
From , substitute : Simplifying:
-
From , substitute : Simplifying:
Step 2: Solve the system of two equations.
We now have the system of equations:
Solve Equation 1 for :
Substitute into Equation 2:
Simplifying:
Find and :
-
From :
-
From :
Final Answer:
- Amount in Account A: $1,500
- Amount in Account B: $1,600
- Amount in Account C: $2,500
Let me know if you need any more details or clarifications!
Here are 5 related questions to deepen your understanding:
- What would happen to the total interest if the amount invested in Account C was increased by $500?
- How would the solution change if the interest rate of Account B was reduced to 10%?
- Can you express the total interest formula for different accounts with various interest rates?
- What is the total percentage return Susan earned on her total investment?
- How would you solve this problem using matrices?
Tip: When dealing with multiple investments, always try to express relationships between accounts as equations to simplify solving.
Ask a new question for Free
By Image
Drop file here or Click Here to upload
Math Problem Analysis
Mathematical Concepts
Algebra
Systems of Equations
Simple Interest
Formulas
Simple Interest Formula: Interest = Principal × Rate × Time
System of Linear Equations
Theorems
Linear System Solving Techniques
Suitable Grade Level
Grades 10-12
Related Recommendation
Solving Investment Allocation Using Linear Equations - Jennifer's $10,000 Deposit Problem
Solving Investment Allocation with Simple Interest – $5,000 at 5% and 8% Interest
Solving Investment Problem with System of Equations
System of Linear Equations for Investment Problem with 3 Variables
Calculate Investments and Interest: Solving a System of Equations