Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

An investment of $36,000 was made by a business club. The investment was split into three parts and lasted for one year. The first part

An investment of $36,000 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 $2820. The interest from the first investment was 3 times the interest from the second. Find the amounts of the three parts of the investment.


1st part of the investment was how much?

2nd part of the investment was how much?

3rd part of the investment was how much?

 
 
 

Step by Step Solution

3.38 Rating (157 Votes )

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

Fundamentals of Corporate Finance

Authors: Stephen A. Ross, Randolph W. Westerfield, Bradford D.Jordan

8th Edition

978-0073530628, 978-0077861629

More Books

Students also viewed these Accounting questions