Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

An investment of $31,000 was made by a business club. The investment was split into three parts and lasted for one year. The first part

An investment of $31,000 was made by a business club. The investment was split into three parts and lasted for one year. The first part of the investment earned8% interest, the second6%, and the third9%. Total interest from the investments was $2370. The interest from the first investment was 3 times the interest from the second. Find the amounts of the three parts of the investment.

The first part of the investment was $

.

The second part of the investment was $

.

The third part of the investment was $

.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Differential Equations

Authors: Paul Blanchard, Paul S Boyer, Robert L Devaney, Glen R Hall

4th Edition

1133388086, 9781133388081

More Books

Students also viewed these Mathematics questions

Question

3. Tactical/strategic information.

Answered: 1 week ago

Question

3. To retrieve information from memory.

Answered: 1 week ago

Question

2. Value-oriented information and

Answered: 1 week ago