Question

A dad has three sons. He shares an amount of $30,000 among his three sons. One son deposited his amount in a bank that provides him interest at the rate of 7%. The second son deposited his sum in a mutual fund that gave him returns at a rate of 8%. The third son invested his in another bank that provided him an interest rate of 6%. The second sons share is 1000 more than that of the third son. The total interest that they got was $2110. Calculate each person's share if the first sons share is equal the second son and the third son put together.

Answer 1

First son receives $15000

Second son receives $8000

Third son receives $7000.

Explanation:

Let first son receive $x and deposit it at 7%

Second son receive $y and deposit in 8%

Third son receive $z and deposit in 6%

Now, let's set up equation using the given information.

The second son share is 1000 more than the third son.

So, we can set up equation as

y= 1000+z

First son share is equal the second son and the third son put together.

So, x=y+z

And we can set up equation for total 30000 as

x+y+z=30000

Plug in y as 1000+z and x as y+z

We get third equation as

y+z+1000+z+z=30000

Plug in again y as 1000+z

It gives,

1000+z+z+1000+z+z=30000

Combine like terms,

2000+4z=30000

Subtract both sides 2000

4z=28000

Divide both sides by 4

z=7000

Now, plug in z as 7000 into y=1000+z to get y =8000

Now, x =y+z plug in the y and z values

x= 8000+7000=15000

Let's check with interest,

15000(7%)+8000(8%)+7000(6%)=2110

1050+640+420= 2110

2110=2110.

Yes! The calculations are correct!