Question

4.

-/1 points
GHColAlg12 1.2.029.
Equal amounts are invested at 2%, 7%, and 8% annual interest. If the three investments yield a total of $714 annual interest, find the total investment.

Answer 1

$12600

Explanation:

If x represents the total investment, then the total interest is ...

(x/3)(0.02) +(x/3)(0.07) +(x/3)(0.08) = 714

x(.17) = 2142 . . . . multiply by 3; collect terms

x = 2142/0.17 = 12600

The total investment was $12,600.