Question

Maxwell invested a total of $100,000. He invested his money in three different accounts. He invested $35,000 at 10% annual interest rate, $42,000 at 8% annual rate, and the remainder at 14% interest rate. How much interest did Maxwell receive in one year?

Answer 1

The answer is 10,080.

Answer 2

Explanation:

Sure! Here's the step-by-step calculation:

1. Calculate the interest earned on the first investment:

$35,000 * 10% = $3,500

2. Calculate the interest earned on the second investment:

$42,000 * 8% = $3,360

3. Calculate the amount invested in the third account:

Total investment - (First investment + Second investment)

$100,000 - ($35,000 + $42,000) = $23,000

4. Calculate the interest earned on the third investment:

$23,000 * 14% = $3,220

5. Add up the interest earned from all three investments:

$3,500 + $3,360 + $3,220 = $10,080

Therefore, Maxwell received $10,080 in interest in one year.