Question

Sarah wants to deposit $2125 into savings at three different banks: Bank of the US, 7/4 Bank, and Catch Bank. She will deposit 4 times as much into catch bank as 7/4 Bank because they offer a higher interest rate. She also expects the Bank of the US deposit to be .25% of the total of the other two deposits. How much will Sheila deposit into the Bank of the US savings account?

Answer 1

Money deposited in US savings account = 425$

Step-by-step explanation:

Let deposit made in US, 7/4 Bank, and Catch Bank be a,b and c respectively.

We have total deposit = $2125

a + b + c = 2125 -------------------------Equation 1

She will deposit 4 times as much into catch bank as 7/4 Bank because they offer a higher interest rate

c = 4 b -------------------------Equation 2

She also expects the Bank of the US deposit to be 25% of the total of the other two deposits

a = 0.25 ( b + c )

4 a = b + c -------------------------Equation 3

Equation 1 + Equation 3,

a + b + c + 4 a = 2125 + b + c

5 a = 2125

a = 425$

So money deposited in US savings account = 425$