Problem

An investment of $\$ 88,000$ 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 $\$ 6660$. The interest from the first investment was 3 times the interest from the second. Find the amounts of the three parts of the investment.

Solution

Step 1 :Let's denote the amounts of the three parts of the investment as x, y, and z for the first, second, and third parts respectively.

Step 2 :We know that the total investment is \$88,000, so we have the equation \(x + y + z = 88000\).

Step 3 :The total interest from the investments was \$6660, so we have the equation \(0.08x + 0.06y + 0.09z = 6660\).

Step 4 :The interest from the first investment was 3 times the interest from the second, so we have the equation \(0.08x = 3 * 0.06y\).

Step 5 :Solving these three equations, we find that \(x = 54000\), \(y = 24000\), and \(z = 10000\).

Step 6 :\(\boxed{\text{The amounts of the three parts of the investment are \$54,000, \$24,000, and \$10,000 respectively.}}\)

From Solvely APP
Source: https://solvelyapp.com/problems/20320/

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