Question

An investment of $62,000 was made by a business club. The investment was split into three parts and lasted for one year. The first part of the investment earning 8% interest, the second 6%, and the third 9%. Total interest from the investment was $4740. The interest from the first investment was three times the interest from the second. Find the amounts of the three parts of the investment.

The first part is

Thr second part is

The third part is

Answer 1

ANSWER :-

Given data:

amount invested = $62,000

Total interest from the investment = $4740.

first part of the investment earning = 8% = 0.08

second part of the investment earning = 6% = 0.06

third part of the investment earning = 9% = 0.09

The interest from the first investment was three times the interest from the second.

assume amount invested on second part = x

then amount invested on first part = 3x

here we need to find out the amounts of the three parts of the investment.

here amount invested on the 3rd part is equal to $62,000 - 4x

Now consider the equation i.e,

   3x * 0.08 + x* 0.06 + ($62,000 - 4x) * 0.09 =  $4740.

0.24*x + 0.06 * x + $5,580 - 0.36 x = $4740.

-0.06 * x = $4740 - $5,580

    -0.06 * x = - $ 840

    x = 840 / 0.06

    x = $ 14,000

Then,

On the first part,

  amount invested = 3x = 3 * 14000

amount invested = $ 42,000

on the second part,

amount invested = x = $ 14000

on the third part ,

  amount invested = 62,000-4x

= 62,000 - 4 * 14000

= 62,000 - 56,000

= $ 6,000

   amount invested  = $ 6,000