Question

Bill invested $15,000 in three accounts. the savings account paid 1% interest, the mutual fund paid 10% interest, and the CD paid 2% interest. in one year, Bill earned $210 in interest. if bill put four times as much in savings as he put in the CD, how much money did bill put into mutual funds

Answer 1

Answer: $11,727.27

Explanation:

CD: $X

Savings: $4X

Mutual: $(15,000-5X)

0.02X + 0.01*4X + 0.1(15000-5x) = 210

0.06X + 1500 - 0.5X = 210

-0.44X = 210-1500 = -1290

X = 2931.82

4X = 4*2931.82 = $11,727.27