Question

Elena receives ​$131 per year in simple interest from three investments totaling ​$3000. Part is invested at​ 3%, part at​ 4% and part at​ 5%. There is ​$1000 more invested at​ 5% than at​ 4%. Find the amount invested at each rate.

The amount invested at​ 3% is ​$___ the amount invested at​ 4% is ​$___ , and the amount invested at​ 5% is ​$___

Answer 1

Elena invested $ 1,700 at 5%, $ 700 at 4%, and $ 600 at 3%.

Explanation:

Given that Elena receives $ 131 per year in simple interest from three investments totaling $ 3000, and part is invested at 3%, part at 4% and part at 5%, and there is $ 1000 more invested at 5% than at 4%, to find the amount invested at each rate, the following calculations must be performed:

1500 x 0.05 + 500 x 0.04 + 1000 x 0.03 = 75 + 20 + 30 = 125

1600 x 0.05 + 600 x 0.04 + 800 x 0.03 = 80 + 24 + 24 = 128

1700 x 0.05 + 700 x 0.04 + 600 x 0.03 = 85 + 28 + 18 = 131

Therefore, Elena invested $ 1,700 at 5%, $ 700 at 4%, and $ 600 at 3%.