Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

An investment of $42,000 was made by a business club. The investment was split into three parts and lasted for one year. The first

image text in transcribed

An investment of $42,000 was made by a business club. The investment was split into three parts and lasted for one year. The first part of the investment earned 8% interest, the second 6%, and the third 9%. Total interest from the investments was $3480. The interest from the first investment was 6 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

Introduction To Management Science

Authors: Bernard W. Taylor

12th Edition

1292092912, 9781292092911

More Books

Students also viewed these Mathematics questions

Question

describe antecedents and consequences of quantitative job demands;

Answered: 1 week ago